Estimate the fixed monthly payment, total repaid and total interest for a loan from the amount, annual interest rate and term.
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A 250,000 loan at 5% for 30 years costs 1,342.05 a month over 360 payments, 483,139.46 in total. The same loan over 15 years costs 1,976.98 a month, but total interest falls from 233,139.46 to 105,857.13.
The annual rate is divided by 12 to get a monthly rate r, and the term in years is converted to n monthly payments. The payment is P × r × (1 + r)^n ÷ ((1 + r)^n − 1), the standard formula for a fully amortizing fixed-rate loan. Total payment is the monthly payment times n, and total interest is that total minus the amount borrowed. At 0% the principal is simply divided by n.
This is an estimate for a fixed rate with equal monthly payments. Fees, insurance, taxes, variable rates, payment holidays and daily interest calculations are not included, and lenders round each payment, so a real schedule or final payment can differ slightly. It is not a loan offer or financial advice.
Use the principal you will borrow, the annual interest rate and the term in years. A 250,000 loan at 5% for 30 years has a monthly payment of 1,342.05 over 360 payments, or 483,139.46 in total. The calculator assumes a fixed rate, equal monthly payments and no fees. If a lender adds an arrangement fee to the balance, include it in the loan amount; if you pay fees upfront, they are a separate cost that this payment does not show.
Shortening the same loan to 15 years raises the payment to 1,976.98, an extra 634.93 each month, but total interest falls from 233,139.46 to 105,857.13. That saves 127,282.33. A longer term lowers the monthly burden because principal is repaid more slowly, while interest continues to accrue on a larger balance for longer. Compare both the monthly figure and the total interest before choosing a term, and check whether the lender allows overpayments without a penalty.
At the start of a long loan most of each payment is interest: in the first month of the 30-year example, 1,041.67 of the 1,342.05 payment is interest. A 20,000 loan at 7% for 5 years costs 396.02 per month and 3,761.44 in total interest. A 0% loan simply divides principal by the number of payments, so 12,000 over 2 years is 500 per month. Lenders round each payment and may calculate interest daily, so the final payment or schedule can differ slightly.
| Input | Result |
|---|---|
250,000 · 5% · 30 y | 1,342.05 × 360 = 483,139.46 |
250,000 · 5% · 15 y | 1,976.98 × 180 = 355,857.13 |
20,000 · 7% · 5 y | 396.02 × 60 = 23,761.44 |
12,000 · 0% · 2 y | 500 × 24 = 12,000 |
Most of it on a long loan. In the first month of the 250,000 loan at 5% over 30 years, interest is 250,000 × 5% ÷ 12 = 1,041.67, so only the rest of the 1,342.05 payment reduces the balance. The interest share shrinks each month as the balance falls.
It costs less in total but more each month. Shortening the example from 30 to 15 years raises the payment by 634.93 and saves 127,282.33 in interest. Choose a payment that still leaves room in your budget, and check whether the lender allows extra payments without a penalty, which can shorten a longer loan later.
The loan is divided evenly by the number of monthly payments, with no interest added. A 12,000 loan over 2 years is 500 a month for 24 months, exactly 12,000 in total. Promotional 0% offers may still charge fees or apply interest after an introductory period, which this tool does not include.