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

To make major purchases (like homes or cars), most of us need to borrow money. While 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, you probably can’t avoid paying interest altogether.

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'll pay a total of $2,645.48 over the term of the loan.

Note: In most cases, your monthly loan payments won't change over time. With loan amortization, 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 can expect to pay over the lifetime of 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 total loan interest calculator to see how much interest you can expect to pay your lender over the lifetime of your loan.

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