Find the monthly payment, total cost, and total interest on a fixed-rate loan. Enter the amount, rate, and term.
Monthly Payment
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Principal and interest.Usage Tip
Compare the total interest, not just the monthly payment — a lower payment over a longer term often costs much more overall.
THE MATH
M = P × i(1+i)^N ÷ ((1+i)^N − 1)
i = monthly rate (annual ÷ 12), N = number of months
i = monthly rate (annual ÷ 12), N = number of months
A fixed-rate loan is repaid in equal monthly payments; early payments are mostly interest, later ones mostly principal.
Shortening the term raises the payment but cuts total interest sharply.
Shortening the term raises the payment but cuts total interest sharply.
This assumes a fixed rate and equal monthly payments (an amortizing loan).
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.
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.