Rate changes matter
Even a small difference in annual rate can materially change total interest over several years.
Money
Loan Calculator
Estimate the monthly payment, total amount repaid, and total interest for a fixed-rate loan.
Monthly payment
$0Total paid$0
Total interest$0
Payments0
Compare payment size with total borrowing cost
A lower monthly payment can look attractive, but a longer term may increase the amount of interest paid over the life of the loan.
How the monthly loan payment is calculated
For a standard fixed-rate amortizing loan, each payment covers interest and part of the principal. The payment stays constant while the interest portion gradually falls.
Longer terms lower the payment, not the cost
Stretching a loan over more months often reduces the monthly payment while increasing total interest.
Frequently asked questions
Does this include fees or insurance?
No. It estimates principal and interest only unless those costs are included in the loan amount.
Can I use it for a zero-interest loan?
Yes. At 0% interest the principal is simply divided by the number of monthly payments.