Payment, term and the cost of borrowing
A fixed-rate loan is repaid in equal monthly payments. Early on, most of each payment is interest; over time, more goes to principal. Stretching the term lowers the monthly payment but raises the total interest you pay — sometimes by a lot.
The calculator shows both the monthly payment and the total cost, so you can weigh affordability today against what the loan costs overall.
Common questions
Any fixed-rate, fully amortized loan — auto loans, personal loans, student loan refinances. For mortgages, use the mortgage calculator, which adds taxes and insurance.
The Annual Percentage Rate is the yearly cost of the loan including interest. A longer term lowers the monthly payment but increases total interest paid.
No. Origination fees, insurance and other charges can raise the true cost, so your real APR may be slightly higher than the rate entered.