Loan Calculator
Enter amount, rate and term to see the monthly payment and what the loan really costs in total.
$386.66
Monthly payment
$23,199.36
Total paid
$3,199.36
Total interest
Formula: M = P x r(1+r)^n / ((1+r)^n - 1), fixed rate, monthly payments.
How to use
- Enter the loan amount.
- Add the annual interest rate and term in years.
- Compare monthly payment and total interest.
Examples
20,000 at 6% for 5 years
Output: About 386.66/month; 3,199 total interest.
Frequently asked questions
Formula?
M = P x r(1+r)^n / ((1+r)^n - 1), the standard amortizing loan formula.