How to use
- Enter the loan amount.
- Enter the annual interest rate (APR) and the term in years.
- Read the monthly payment, total interest and the year-by-year schedule.
How the payment is calculated
With an amortizing loan the monthly payment stays the same for the whole term. At first it's mostly interest; with every payment the principal share grows.
A longer term lowers the monthly payment but significantly increases total interest. Always compare the APR and the total cost.
Frequently asked questions
Which interest rate should I enter?
The APR from your loan offer, since it includes all costs.
Are extra payments included?
No, the calculator assumes fixed payments without extra repayments.
Is this financial advice?
No. The calculator shows a mathematical approximation. Your lender's offer is what counts.