Monthly payment, total interest and payoff for any fixed-rate loan.
Estimates only. Not financial advice.
We use the standard amortization formula: payment = A·i / (1 − (1+i)⁻ⁿ), where A is the amount, i the monthly rate and n the number of payments. Total interest is total payments minus the amount borrowed.
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With the amortization formula using your loan amount, monthly interest rate and number of payments.
Choose a shorter term, get a lower rate, or make extra principal payments to reduce total interest.
Annual Percentage Rate - the yearly cost of the loan including interest and certain fees.
No, it’s principal and interest only. Origination fees or insurance would add to the real cost.
No - it’s an estimate for planning. Confirm exact terms with your lender.