Loan calculator
FinanceNo. 41 / 84
Monthly payment, total paid and total interest for any loan, with a year-by-year breakdown of where the money actually goes.
the bank calls it amortization. you will call it the years the interest gets paid first.
work surface
Math, not advice — results are indicative.Read the disclaimer.
most-used utilities
Car loan
Twenty grand at 6.5% over five years is 391.32 a month and a reminder that cars depreciate.
Mortgage check
Thirty years of payments, with the interest share of the first years sitting right there.
Term trade-off
Five years against seven, where the shorter term wins the total and loses the monthly.
pro tips
Interest is charged on the remaining balance, so month one is mostly interest: on 20,000 at 6.5%, 108.33 goes to the bank and 282.99 goes to the loan.
Compare the total interest, not the monthly payment. A longer term always wins the payment contest and loses the total one.
Round the payment up by 20 a month and the term quietly shortens. This widget cannot simulate it, but the bank will happily take the money.
what it does
Type the amount you are borrowing, the annual interest rate and the term in years. The widget returns the monthly payment, the total you will hand over and how much of that total is pure interest. It also builds a year-by-year table, so you can watch the balance fall instead of guessing.
Run a car loan before you sit in the dealership chair, check whether a 15-year mortgage is worth the higher payment, or compare a bank's offer with the one your cousin swears by. Any fixed-rate loan with regular monthly payments works: personal loans, student loans, a kitchen renovation disguised as a home improvement.
A 20,000 loan at 6.5% over five years costs 391.32 a month: 23,479.38 in total, of which 3,479.38 is interest. Stretch the same loan to seven years and the payment drops to 296.99, but the interest climbs to 4,947.05. Lower every month, higher overall — the classic trade.
The math assumes a fixed annual rate, monthly payments and no fees, insurance or extra repayments. The table rounds to cents, so the final balance can land a cent away from zero, and the bank will find that cent. Early payments are interest-heavy because interest is charged on the balance, which is at its largest in month one.
quick answers
Does the payment include taxes and insurance?
No. It covers principal and interest only. Property taxes, insurance and fees sit outside the loan, so a real mortgage payment is usually higher.
Why is so much of my early payment interest?
Interest is a percentage of the remaining balance, and the balance is highest at the start. As you pay it down, the interest share shrinks and more of each payment reaches the principal.
What rate should I enter?
The annual interest rate written on the loan contract. If you want fees included, enter the APR instead — the payment becomes an estimate, but a more cautious one.