Loan calculator
Before you sign for a car loan or personal loan, it helps to know two things: what you'll pay each month, and what the loan costs in total.
You'll need the amount you're borrowing, the APRAnnual percentage rate. The yearly cost of borrowing money, including interest and some fees, shown as a percent.More in the glossary, and the Loan termHow long you have to pay back a loan, like 4 years (48 months).More in the glossary (how long you have to pay it back). You can find these on the loan offer.
Your results
- Monthly payment
- $163.96
- Total interest
- $1,869.97
- Total you'll pay back
- $7,869.97
Of the $7,869.97 you'll pay back, $6,000 pays back the loan and $1,869.97 is interest.
What this means
- You'd pay $163.96 a month for 4 years.
- Over the whole loan, you'd pay $1,869.97 in InterestThe price of borrowing money. You pay interest when you borrow, and you can earn interest when you save.More in the glossary. That's about 31 cents for every dollar you borrow.
- A shorter loan means bigger monthly payments but less interest. A longer loan means smaller payments, but it costs more overall.
Same loan, different lengths
| Length | Monthly payment | Total interest |
|---|---|---|
| 3 years | $205.07 | $1,382.35 |
| 4 years (yours) | $163.96 | $1,869.97 |
| 5 years | $139.61 | $2,376.56 |
See the payment schedule
| Year | You pay | To interest | To the loan | Still owed |
|---|---|---|---|---|
| 1 | $1,967.52 | $764.74 | $1,202.78 | $4,797.22 |
| 2 | $1,967.52 | $585.13 | $1,382.39 | $3,414.83 |
| 3 | $1,967.52 | $378.68 | $1,588.84 | $1,825.99 |
| 4 | $1,967.41 | $141.42 | $1,825.99 | $0.00 |
This is an estimate. Your lender's numbers may be a little different, and fees can add to the cost. Ask for the total cost in writing before you sign.