Finance Tools
Total Loan Cost Calculator
See the total cost of a loan, including monthly payment, total paid, and total interest. Optionally add an extra monthly payment to see time and interest savings.
See the total cost of a loan, including monthly payment, total paid, and total interest. Optionally add an extra monthly payment to see how much time and interest you can save.
How to use this total loan cost calculator
- Enter the loan amount.
- Enter the annual interest rate and loan term in years.
- Optionally enter an extra monthly payment amount to simulate paying off the loan faster.
- Click Calculate to see monthly payment, total paid, total interest, and potential savings with extra payments.
Example
For a $25,000 loan at 7% over 5 years with an optional $100 extra monthly payment, this calculator shows:
- The standard monthly payment and total interest cost over 5 years.
- The new payoff time and total interest if you add an extra $100 per month.
- How much interest and time you save by making extra monthly payments.
More tools in Finance Tools
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- Student Loan Interest Savings Calculator
Calculate how much interest you can save on a student loan by making extra monthly payments.
- Loan Payoff Time Calculator
Estimate how long it will take to pay off a loan based on the remaining balance, annual interest rate, and monthly payment.