Loan Interest Calculator

This calculator answers what a loan costs in interest rather than what the payment is. Give it the amount, the annual rate and the term in years, and it returns the total interest, the interest as a share of the amount borrowed, the cost per thousand dollars, and how much of the interest lands in the first year against the last. Because a fixed payment is front loaded with interest, those two figures are usually far apart, which is the point. The second mode prices the same loan over two different terms and shows what the longer one adds in interest against what it saves each month. It assumes a fixed rate, level monthly payments and no fees or extra payments.