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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Loan amount$15,000
APR (%)8%
Term (years)5

Contoh hasil

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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