Quick answer
The Loan Calculator shows monthly payment, total interest, and total cost of a loan. How it works: Payment = P × r ÷ (1 − (1 + r)^−n); r = APR ÷ 12, n = number of monthly payments. For example, with loan amount of $20000, interest rate (APR) of 8.5 %, and term of 5 years, the monthly payment is $410.33.
How to use the Loan Calculator
- Enter loan amount.
- Enter interest rate (APR).
- Enter term.
- Read monthly payment and the breakdown. Use Share to send the exact numbers, or Print to save a PDF.
How it's calculated
- Payment = P × r ÷ (1 − (1 + r)^−n)
- r = APR ÷ 12, n = number of monthly payments
Worked example
With loan amount of $20000, interest rate (apr) of 8.5 %, and term of 5 years:
Monthly payment: $410.33. Total interest: $4,619.84.
Questions people ask
Does this include fees?
No. Add origination fees to the loan amount if they're financed.