Loan details
How the loan simulator works
This calculator helps you understand the full financial picture of a loan before you commit — not just the monthly payment, but the total cost and how much of it is interest.
1. Monthly payment
Using the standard amortization formula, the calculator finds the fixed monthly payment that pays off your loan exactly by the end of its term. Early payments go mostly toward interest; later payments go mostly toward the principal.
2. Total payment
This is the total amount you'll pay over the life of the loan — your monthly payment multiplied by the number of months in the term.
3. Total interest
The cost of borrowing: the difference between the total payment and the original loan amount. Lowering your rate or shortening your term reduces this figure.
Compare scenarios
Try changing the interest rate or the term to see the impact instantly. A lower rate or a shorter term means less total interest — helping you choose the option that best fits your budget.
This tool provides estimates for planning purposes only and is not financial advice. Actual loan terms and rates vary by lender. Confirm details before borrowing.