Loan Calculator
Estimate monthly payments, total interest, and payoff for any fixed-rate loan.
Calculator
Monthly payment
$366.19
Total interest
$2,577.3
Total paid
$17,577.3
Projection
What is loan?
This loan calculator computes the monthly payment, total interest, and total cost of a fixed-rate loan based on amount, rate, and term.
Example
A $15,000 loan at 8% for 4 years costs $366/month and $2,568 in total interest.
Money-saving tips
- •Shorter terms mean higher payments but much less interest.
- •Compare APRs, not just interest rates, when shopping for loans.
- •Make extra payments to cut interest and shorten the term.
Common mistakes
- •Focusing only on the monthly payment and ignoring total cost.
Financial definitions
- Amortization
- Spreading loan repayment into equal installments of principal and interest.
Frequently asked questions
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Estimated reading time: 4 min