What will this loan really cost?

See the monthly payment, total interest and payoff date on a term loan, plus what paying extra each month saves you.

Monthly payment

—

Total interest

—

Saved by paying extra

—

Loan basics

Loan amount

Interest rate (APR)

Term

years

Paying extra

Extra payment each month (optional)

Extra dollars go straight to principal, so every one cuts future interest. Check your loan has no prepayment penalty.

Monthly payment—

Paid toward principal in year one—

Balance left after year one—

Payoff time with your extra payment—

An estimate to help you think, not financial, tax or legal advice.

Free tool by Finli.