Monthly payment, total interest and total cost of a personal or car loan.
Monthly payment
297.02
Total interest
2,821.08
Total paid
17,821.08
What a loan really costs
Enter the amount, the yearly interest rate and the term in months. The calculator gives the fixed monthly payment and, more importantly, how much you pay in interest over the whole loan.
Before you sign
Compare offers by total cost, not by monthly payment: a longer term lowers the payment and raises the total.
Ask for the effective annual rate, which includes fees, and use it to compare.
Check whether early repayment has a fee.
Frequently asked questions
Why is the total interest so high on long loans?
Interest is charged every month on what is still owed. The longer you take to repay, the more months the balance is charged interest.
What is the difference between nominal and effective rate?
The nominal rate is the base rate; the effective rate includes how often interest is charged and, in official figures, fees. Use our nominal-to-effective calculator to see the gap.
Can I pay off a loan early?
Usually yes, sometimes with a fee. Paying early cuts the interest you would have paid on the remaining balance.
Indicative results. This is not financial advice.
Know how much you will have left at the end of the month
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