Calculate monthly payments, total interest, and see your full amortization schedule.
| Term | Monthly | Total Interest | Total Cost |
|---|
Monthly loan payments are calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
For example, a $25,000 loan at 6.5% APR for 5 years results in a monthly payment of $488.86, with $4,331 paid in total interest over the life of the loan.