Most of us need to borrow money to buy a car or home. While maintaining a good credit score, shopping around, and paying off your loan as quickly as possible can minimize interest rates, you probably can’t avoid paying interest altogether. To see how much interest you’ll pay over the lifetime of a fixed-rate loan, use our total interest calculator.
How to Use Our Loan Interest Calculator
Say that you're going to borrow $20,000 at a 5% interest rate. 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 total loan interest calculator to see how much interest you can expect to pay your lender over the lifetime of your loan.