This calculator finds regular payments and total interest for anyone considering a personal, auto, or other fixed-rate loan.
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Enter the amount borrowed, annual interest rate, loan term, and payment frequency. Use the amortization schedule to see how each payment is split between principal and interest.
The payment is M = P × [r(1 + r)^n] / [(1 + r)^n - 1], where P is the amount borrowed, r is the interest rate per payment period, and n is the number of payments. Total interest equals M × n - P.
A $20,000 loan at 8% for five years has a monthly payment of about $406. The 60 payments total about $24,332, so the interest cost is about $4,332.
Usually, yes, if extra money is applied directly to principal and there is no prepayment penalty. A smaller principal balance means less interest accrues afterward.
Not unless you add them to the amount financed or the calculator provides a fee field. Origination fees can make the true borrowing cost higher than the stated interest rate suggests.
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