Find the monthly payment, total cost, and total interest on a fixed-rate loan. Enter the amount, rate, and term.
Usage Tip
Compare the total interest, not just the monthly payment — a lower payment over a longer term often costs much more overall.
i = monthly rate (annual ÷ 12), N = number of months
Shortening the term raises the payment but cuts total interest sharply.
Extra payments go straight to principal and save interest, shortening the loan.
Fees and insurance are not included; the real APR may be higher than the rate.
For a fixed rate loan, the monthly payment stays the same for the whole term. It is calculated so that the balance reaches zero after the last payment, with each payment covering the interest owed for that month and reducing the principal by the rest. Early payments are mostly interest, and later payments are mostly principal.
The total interest is the sum of all payments minus the original amount borrowed. A longer term lowers the monthly payment but increases the total interest, and a higher rate raises both. Extra payments toward principal shorten the loan and cut interest. This calculator does not include fees or insurance, so check the lender’s full costs before borrowing.