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Loan Payment Calculator
Monthly payment and total interest for any fixed-rate loan.
A fixed-rate loan splits every payment between interest and principal. Interest is charged on what is still owed, so early payments are mostly interest and later ones are mostly principal, even though the payment never changes.
Stretching the term lowers the monthly payment and raises the total interest, because you are borrowing the same money for longer. Both numbers are below: it is worth looking at them together rather than at the payment alone.
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See a worked example
Example figures
- Loan amount$15,000
- APR (%)8%
- Term (years)5
Example results
Monthly payment$304.15
$15,000 at 8.0% for 5 years
Total interest$3,249
Total paid$18,249
Same loan over 3 years instead$470.05/month
total interest $1,922, saving $1,327
Principal and interest only; car/home loans add insurance, taxes or fees on top.
Judge loans by TOTAL cost, not monthly payment. Longer terms hide cost inside comfort.
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