Loan repayments
See the monthly payment, the interest, and what overpaying saves.
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Your loan
Optional — see what overpaying saves.
What it costs
$396.03 a month
$20,000.00 over 5 years at 7%
- Interest in total
- $3,761.37
- 19% of what you borrowed
- Paid back in total
- $23,761.37
- Clear in
- 5 years
- paid off by September 2031
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What this tool is for
This shows what a loan or mortgage costs each month, how much of it is interest rather than repayment, and what paying a little extra each month would save. The monthly figure is the one people are quoted; the total interest is the one that decides whether the loan was a good idea.
How to work out loan repayments
- Enter how much you are borrowing and over how many years.
- Enter the interest rate you have been offered.
- Read the monthly payment and the total interest, then try an overpayment.
Questions
Why does a longer term cost more overall when the payments are lower?
Because you owe the money for longer, and interest is charged for every month you still owe it. Lower payments and a higher total go together.
Does paying a bit extra each month really make a difference?
A large one. Extra payments come straight off what you owe, so they stop interest being charged on that amount for every remaining month.
Will this match what my lender quotes exactly?
It will be very close. A lender may also include fees, insurance or a different rounding rule, so treat this as the shape of the deal rather than the final paperwork.
Are my borrowing figures stored?
No. Nothing is sent anywhere, which is worth knowing when you are working out what you can afford.
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