Finance
Loan Calculator
Calculate the monthly payment, total interest and total cost of any fixed-rate loan.
Result
This is a standard amortising loan with equal payments and no fees. Origination fees, insurance or balloon payments change the real cost: the APR calculator accounts for fees.
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About this calculator
Why does a longer term cost so much more?
A longer term lowers the payment but the balance sits outstanding for longer, so interest accrues on more of it for more months. Halving the payment by doubling the term usually more than doubles the interest.
Should I borrow for equipment or pay cash?
Compare the total interest here against what the same cash would earn deployed in the business. A van that lets you run another crew often outperforms the interest cost. A nice-to-have upgrade rarely does.
What does the interest rate not include?
Fees. A loan with a low rate and heavy origination fees can be more expensive than a higher-rate loan with none, which is what APR exists to reveal.
The formula
payment = P × i ÷ (1 − (1 + i)^−n), where i is the monthly rate and n the number of payments
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