Total Interest Calculator
Don't just look at the monthly payment. See the true cost of your loan over its lifetime.
The lifetime cost behind a smaller installment
Total interest is the sum of scheduled payments less principal, assuming the rate and payment schedule remain unchanged. Fees, insurance, penalties and taxes are outside this result.
Changing the term affects both monthly cash flow and cumulative interest. Compare a shorter and longer term using the same principal and rate so that the tradeoff is visible. A lower installment does not necessarily mean a cheaper loan.
The totals use unrounded payments internally. Multiplying a rounded monthly display by the number of months may differ by a few cents. A lender may also adjust the final payment or use daily interest.
| Principal | Rate / years | Monthly | Total interest |
|---|---|---|---|
| $50,000.00 | 5% / 10 | $530.33 | $13,639.31 |
| $50,000.00 | 5% / 5 | $943.56 | $6,613.70 |
Assumptions 2026-09-20.1. Formulas, rounding, tests and primary sources. These estimates do not provide financial advice or predict approval.