Loan Payment Calculator

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Keep in mind, more amount you take more interest you pay.
Months
Longer periods drop the monthly payments but increases the total money wasted. Most of the time longer term contracts applies higher interest rates.
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Please check the bank's web sites. If you dont know you can search for average rates and try out different rates, even using arrow keys.
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Fees might seem small comparing the total amount you borrow but adds up quickly. They affect the APR for the loan.

How to Calculate Loan Payments?

To find out monthly payments we first need to calculate the APR. For more information check out the APR calculator. Than this rate used to find out recurring payments, interest and principle. At last these payments helps building the payment table. Also in the table payment's interest and principal parts defined. Every row of the table represents one payment period, which is a month in this case.

Payments With Interest

Playing around with the numbers you will see that total payments are increasing dramatically with the term and interest rate. So choosing a loan with low interest rate or managing to pay higher monthly payments will save you from too much money wasted on interest. 💸 💸 💸

Example Interest Values and Payments

To give an example lets think that we applied for a 20000$ loan with %3 interest rate and 3 years term (36 months). Assuming there is no fees, our monthly payments are 581.62$ and total 938.47$ spend to interest. Adding %1 fees (200$) increased our APR to 3.66%, also our new monthly payments will be 587.44$. This doesn't seem much but actually now we have to pay 1147.86$ to interest. Lets increase the interest rate 1 points, to 4. Now APR is 4.66, monthly payments 596.38$ and total 1469.84 spent only for interest.