Loan payment calculator
Enter the amount, the APR and the term from an offer, or what you expect to be offered. The payment and the total cost update as you type.
Typical APR for credit that is
Monthly payment
—
for —
Total interest
—
Total of payments
—
Last payment
—
For every $1 you borrow, you repay —. An example, not an offer: your APR depends on your credit, income and state.
Check your rate for this loanNo credit check here
Check your rate for this loan
Tell us about the loan and lenders working with Lendmira can show you what they offer. Lendmira doesn't check your credit, and you don't have to accept anything.
- 1 The loan: amount, purpose, credit range, ZIP.
- 2 Your contact details and consent.
- 3 Lenders contact you with options. Compare APRs before you apply.
Lendmira is not a lender, does not make credit decisions and is not paid by you. Lenders that contact you set their own rates and terms and may check your credit before making an offer. How we make money.
How the payment is worked out
Installment loans are repaid in equal monthly payments. Each payment first covers the month's interest, one twelfth of the APR applied to what you still owe, and the rest reduces the balance. Early payments are mostly interest; by the end they are almost all principal. The amortization schedule shows the split for every month.
Term versus total cost
A longer term lowers the payment and raises what the loan costs you overall. Here is the same $20,000 loan at 12% APR:
| Term | Monthly payment | Total interest |
|---|---|---|
| 3 years | $664.29 | $3,914 |
| 5 years | $444.89 | $6,693 |
| 7 years | $353.05 | $9,657 |
Lenders also tend to charge a higher APR on longer terms, which widens the gap further. If the payment on a short term is tight, check what you can carry with the affordability calculator before stretching the term.
What the calculator leaves out
It assumes a fixed rate, payments on time, and no fees added to the balance. If your offer has an origination fee, the APR calculator shows its effect on the true cost. Home equity lines and credit cards don't follow a fixed schedule, so the result is only a guide for those.