Your estimate
$373.28 estimated monthly payment
Generic loan estimate using standard fixed-payment amortization.
Help
Estimate a fixed loan payment, total interest, and total repayment over time.
About this calculator
How it works
It uses standard fixed-payment amortization: the same payment every month, with more of it going to interest at the start and more to the balance near the end. You see the monthly payment, the total interest and the total you will repay.
A worked example
Borrowing $15,000 at 9% for 48 months gives a payment of $373.28 a month. Over the four years you pay $2,917.23 in interest, so the loan costs $17,917.23 in total.
How is the monthly payment calculated?
The calculator spreads the amount borrowed and the interest evenly over the term, so each payment is the same. Early payments are mostly interest; later ones are mostly principal.
How can I pay less interest?
Borrow less, choose a shorter term, find a lower rate, or pay extra toward the balance. Even small extra payments shorten the loan and cut interest.
Should I take a personal loan to pay off credit cards?
It can help if the new rate is much lower and you stop adding to the cards. If the card balances grow again, you end up with both debts.
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