How to use this calculator
Enter the amount you plan to borrow, the APR and the term in months. The result is the principal-and-interest payment for a fixed-rate installment loan, such as a car loan, personal loan or the core of a mortgage payment. It excludes fees, taxes and insurance.
Shorter term or lower payment?
| $25,000 at 7.5% APR | Monthly payment | Total interest |
|---|---|---|
| 36 months | $777.66 | $2,995.60 |
| 48 months | $604.47 | $4,014.68 |
| 60 months | $500.95 | $5,056.92 |
| 72 months | $432.25 | $6,122.20 |
A longer term lowers the payment but raises the total interest, and on a car loan it raises the chance you owe more than the car is worth. Pick the shortest term whose payment fits comfortably in your monthly budget.