Loan term calculator
Enter the amount and the interest rate. The table shows what each term does to the monthly payment and to the interest you pay in all.
| Term | Monthly payment | Total interest |
|---|---|---|
| 24 months (2 years) | $480.13 | $1,523.12 |
| 36 months (3 years) | $341.78 | $2,304.08 |
| 48 months (4 years) | $273.26 | $3,116.48 |
| 60 months (5 years) | $232.68 | $3,960.80 |
| 72 months (6 years) | $206.06 | $4,836.32 |
| 84 months (7 years) | $187.40 | $5,741.60 |
Request offers for this loan
Describe the loan you have in mind. LendCedar passes your request to lenders and loan brokers who may contact you with offers; you compare them and decide.
- The loan you have in mind: amount, purpose, credit and income.
- Your contact details and your consent to be contacted.
- A lender or loan broker may contact you with an offer. Nothing is decided until you sign with a lender.
LendCedar is not a lender or a loan broker and does not make credit decisions.
You pay LendCedar nothing. Lenders and loan brokers pay us for requests, and they set their own rates and terms. How we make money.
What the table shows
Each row is the same loan at the same rate, paid in equal monthly payments over a different number of months. A longer term spreads the principal thinner, so the payment falls, but interest runs on the balance for longer. With the starting values, moving from 36 to 60 months lowers the payment from $341.78 to $232.68 and raises the total interest from $2,304.08 to $3,960.80.
Lenders often price longer terms at higher rates, so a real 60-month offer may cost more than this table shows. Ask for the rate at each term you are considering. How to choose a loan term covers the trade-off in detail.