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Monthly payment
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Total interest
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Total paid
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Formulas: monthly = P x r / (1 - (1+r)^-n), with r = APR/12 and n = months.
Enter loan amount, rate and term to get your monthly payment and total interest.
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Interest accrues monthly on the remaining balance, so each fixed payment chips away a growing share of principal. That is why the first year feels slow: most of each early payment is interest.
On a $10,000 two-year loan, 12% APR costs about $1,300 in interest while 20% costs about $2,240. A few points of rate difference is real money: compare the total interest, not just the monthly figure.