Estimate monthly payment, total interest and total cost of a term loan, including upfront fees.
Use this calculator to see what a fixed-rate term loan costs each month and over its whole life before you apply, so you can compare it with your expected cash flow.
How it works. The monthly payment uses the standard amortization formula: payment = P x r / (1 - (1 + r)^-n), where P is the amount borrowed, r is the monthly rate (the annual rate divided by 12) and n is the number of monthly payments. Total interest is the payments added together minus the amount borrowed. The upfront fee is added to the total paid so you can see the full cost of the offer.
Worked example (illustrative inputs, not a quote). A $100,000 loan at 9.5% for 5 years has a monthly rate of 0.7917% and 60 payments. The payment works out to roughly $2,100 per month, which means about $126,000 in total payments and about $26,000 in interest. Add $2,000 in upfront fees and the total cost of borrowing is about $28,000.
Limits. The calculator assumes a fixed rate, equal monthly payments and no prepayment. It does not model variable rates, interest-only periods, balloon payments, daily or weekly repayment, or factor-rate products, which are priced differently. The rate you enter should be the interest rate; compare offers using the APR the lender must disclose where the law requires it. Always read the loan agreement for fees that are charged on top.
Costs, Pricing and Comparisons
Understand the loan payment formula, the difference between interest rate and APR, how fees and term change total cost, and how to compare offers with a worked example.
Costs, Pricing and Comparisons
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