See what a loan will cost you per month and in total over the term, based on loan amount, nominal interest rate and number of years.
At —% interest, the monthly payment would be — — — more per month than today.
The calculator uses the amortization formula, the most common way lenders calculate fixed monthly payments. The formula ensures you pay the same amount every month throughout the term, even though the split between interest and principal changes along the way.
At the start of the loan, a larger share of the payment goes toward interest, while the share going toward paying down the principal increases as the debt gets smaller.
Nominal interest is the stated annual rate without fees. Effective interest also includes origination and other fees, giving a more accurate picture of the actual cost.
An amortizing loan has the same total monthly payment throughout the term, but the split between interest and principal changes over time. This is the most common loan type for mortgages and personal loans.
Yes. A shorter term gives a higher monthly payment, but significantly lower total interest costs, since you pay interest for fewer months.