Loan Calculator
Compute monthly payments and total cost for a loan.
How to interpret a loan simulation
The monthly payment does not show the full cost of a loan. When comparing terms and interest rates, compare the total paid with the amount borrowed to understand how much will be spent on interest.
- Longer terms lower the monthly payment, but usually increase the total amount paid.
- A lower annual rate can make a meaningful difference to the final cost.
- Consider the payment within your budget before taking on a long-term commitment.
Practical tip: Compare different terms and choose a payment that leaves room for essential expenses and unexpected costs.