Loan payment
Monthly payment, total interest, total cost.
- Answers as you type
- Runs entirely in your browser
- Free, no sign-up
% / year
years
Monthly payment
$2,970.18
60 payments
- Total interest
- $28,210.79
- Total repaid
- $178,210.79
- Interest as % of loan
- 18.81%
How it works
The core loan question: what does it cost per month, and how much extra do I hand over in total? Adjust the term to see the trade-off.
Payment = P × r ÷ (1 − (1 + r)^−n) where r is the monthly rate and n the number of months
Example: 150,000 over 5 years at 7% is 2,970.36 a month and 28,221.61 of interest.
Questions people ask
Does a longer term save me money?
It lowers the monthly payment but raises the total interest, because you owe the balance for longer. Compare the two totals before deciding.
Is the rate the same as the APR?
Not always. APR also folds in fees, so a loan's APR is usually a little higher than its nominal interest rate.
What happens if I overpay?
Overpayments come straight off the balance and cut the interest. The amortization schedule tool shows exactly how many months you save.
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