Work out your monthly payment, total interest, and total repayment on any fixed-rate loan.
This uses the same amortization formula banks use for personal, auto, and business loans — a fixed payment that covers both interest and principal over the loan term.
A longer term lowers your monthly payment but increases total interest paid, since you're borrowing the money for longer. A shorter term raises the monthly payment but reduces total interest significantly.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) usually includes additional fees, giving a fuller picture of the loan's true annual cost.
Yes — any extra payment goes directly toward the principal, which reduces the interest charged on future payments and can shorten the loan term.