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Loan Calculator
Calculate the monthly payment, total interest and total cost of any fixed-rate installment loan.
Currency for this calculator
Monthly Payment
$488.26
- Total Interest$3,436.41
- Total Cost of Loan$23,436.41
Show your work
M = P × [r(1+r)^n] / [(1+r)^n − 1]
- Monthly rate r = 8% ÷ 12 = 0.6667%
- M = $20,000.00 × [r(1+r)^48] / [(1+r)^48 − 1] = $488.26
- Total paid = $488.26 × 48 months = $23,436.41
- Total interest = $23,436.41 − $20,000.00 = $3,436.41
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