Loan Interest Calculator: How Much Interest Will I Pay My Lender?

Most of us have to borrow money to make major purchases (like homes or cars). Though you probably can't avoid paying interest on loans, it's possible to minimize the interest paid by maintaining a good credit score, shopping around for the lowest rates, and paying off your loan as quickly as possible.

Loan Amount:
Term (years):
Annual Interest Rate (%):
 
= Monthly Payment
 
= Total Interest Paid on Loan
 

How Much You'll Pay in Loan Interest

If you borrow $20,000 at 5.00% for 5 years, your monthly payment will be $377.42 and you will pay a total of $2,645.48 over the term of the loan.

Note: In most cases, your monthly loan payments do not change over time. The loan "amortizes" over the repayment period, meaning that the proportion of "interest paid vs. principal repaid" changes each month. As the loan continues to amortize, the amount of monthly interest paid will decrease (while the amount of principal paid increases).

Click here to see your full amortization schedule...

 

To see how much interest you should expect to pay on a fixed-rate loan, use our loan interest calculator. 

How to Use Our Loan Interest Calculator 

Say that you're going to borrow $20,000 at 5%. You expect to repay it over 5 years. Enter "$20,000" as the Loan Amount, "5" as the Term, and "5" as the Annual Interest Rate.

Use this loan interest calculator to see how much interest you can expect to pay your lender over the course of your loan.

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