What's the difference between APR and interest rate?

APR includes some fees the lender folds in; pure interest rate doesn't. For an apples-to-apples comparison between offers, always compare APRs.

Why is my early payment mostly interest?

In an amortized loan, interest is charged on the remaining balance. Early on the balance is high so interest dominates; later, more of each payment goes to principal.

Loan Calculator

Monthly payment, total interest, and full amortization for any fixed-rate loan.

Result

Monthly payment

$500.95

Total

$30k

Principal$25,000(83%)

Interest$5,057(17%)

Total of payments$30,056.92
Total interest$5,056.92
Principal$25,000.00
Number of payments60

How to use this calculator

Enter the loan amount you want to borrow (the principal).
Type the lender's quoted APR — match the period (annual) shown on your offer.
Set the term in years; results refresh as you type.
Compare a shorter term to see lifetime interest savings.

About this tool

Use the loan calculator to figure out the true cost of any fixed-rate installment loan. Enter the amount you want to borrow, the annual percentage rate (APR) the lender quoted, and the term in years — the calculator immediately shows the monthly payment, the total amount you'll pay back, and how much of that is pure interest. The math uses the standard amortization formula, the same one banks use, so the numbers match what you'll see on a paper offer. Slide the term shorter to see how much interest you save; nudge the rate to see what an extra half-percent really costs.

Frequently asked

Any fixed-rate, fully amortizing loan: personal, auto, student, mortgage. For mortgages with taxes/insurance, use the Mortgage Calculator for a more realistic monthly figure.