How to use the Loan Calculator
- Enter the amount you want to borrow.
- Enter the annual interest rate (APR).
- Choose the loan term in years or months.
Frequently asked questions
What is APR?
APR (annual percentage rate) is the yearly cost of borrowing, expressed as a percentage. This calculator treats the rate you enter as a fixed annual rate compounded monthly.
How can I lower my total interest?
Choose a shorter term, make a larger down payment, improve your credit score to get a lower rate, or make extra payments toward principal.