Loan Calculator
Estimate the monthly payment and total cost of any fixed-rate loan from the amount, rate, and term.
Your details
- Total interest
- $3,761.44
- Total cost
- $23,761.44
Principal vs interest
- Principal
- $20,000.0084%
- Interest
- $3,761.4416%
Formula
Standard amortization: M = P·r(1+r)^n / ((1+r)^n − 1).
How it works
Each monthly payment covers the interest due that month plus a slice of principal. Early on most of the payment is interest; as the balance falls, more goes to principal. Summing every payment gives the total interest over the life of the loan.
Frequently asked questions
What increases the total interest I pay?⌄
A higher rate, a longer term, or a larger balance all raise total interest. Lengthening the term lowers the monthly payment but usually increases what you pay overall.
Does paying extra reduce the cost?⌄
Yes. Extra payments go straight to principal, shrinking the balance that future interest is charged on, so they shorten the loan and cut total interest.
Is APR the same as the interest rate?⌄
Not quite. APR includes most fees on top of the interest rate, so it is a better figure for comparing loan offers than the rate alone.
Sources & methodology
- •CFPB — loans — CFPB
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