How it works
Payment = P·r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n the number of months.
Frequently asked questions
Does a shorter term save money?
Yes — payments are higher but you pay far less interest overall.
Amortization Calculator
See how each payment splits into principal and interest.
Your details
Monthly payment
$1,199.10
Total interest
$231,676
Total paid
$431,676
- Principal46.3%
- Interest53.7%