Debt calculator
See the full cost of a loan.
Estimate your monthly payment and lifetime borrowing cost, then see how the balance between principal and interest changes over time.
Your loan at a glance
The $40,000 purchase costs $46,771 by the time the loan is repaid.
That includes the $4,000 down payment and 60 monthly payments of $712.84, assuming a fixed rate for the full term.
Key results
The full cost of borrowing
- Monthly payment
- $712.8460 equal principal-and-interest payments.
- Total loan payments
- $42,771Loan principal plus all interest over the term.
- Total interest
- $6,771The amount paid above the borrowed principal.
- Amount borrowed
- $36,000Purchase price minus your down payment.
Payment mix
Where each month's payment goes
In month 1, 29.5% of the payment goes to interest and 70.5% goes to principal. In month 60, 0.6% goes to interest and 99.4% goes to principal.
View monthly payment data
| Month | Principal | Interest | Interest share | Balance |
|---|---|---|---|---|
| 1 | $502.84 | $210.00 | 29.5% | $35,497.16 |
| 2 | $505.78 | $207.07 | 29% | $34,991.38 |
| 3 | $508.73 | $204.12 | 28.6% | $34,482.65 |
| 4 | $511.69 | $201.15 | 28.2% | $33,970.96 |
| 5 | $514.68 | $198.16 | 27.8% | $33,456.28 |
| 6 | $517.68 | $195.16 | 27.4% | $32,938.60 |
| 7 | $520.70 | $192.14 | 27% | $32,417.90 |
| 8 | $523.74 | $189.10 | 26.5% | $31,894.16 |
| 9 | $526.79 | $186.05 | 26.1% | $31,367.36 |
| 10 | $529.87 | $182.98 | 25.7% | $30,837.50 |
| 11 | $532.96 | $179.89 | 25.2% | $30,304.54 |
| 12 | $536.07 | $176.78 | 24.8% | $29,768.47 |
| 13 | $539.19 | $173.65 | 24.4% | $29,229.28 |
| 14 | $542.34 | $170.50 | 23.9% | $28,686.94 |
| 15 | $545.50 | $167.34 | 23.5% | $28,141.44 |
| 16 | $548.68 | $164.16 | 23% | $27,592.75 |
| 17 | $551.89 | $160.96 | 22.6% | $27,040.87 |
| 18 | $555.10 | $157.74 | 22.1% | $26,485.76 |
| 19 | $558.34 | $154.50 | 21.7% | $25,927.42 |
| 20 | $561.60 | $151.24 | 21.2% | $25,365.82 |
| 21 | $564.88 | $147.97 | 20.8% | $24,800.94 |
| 22 | $568.17 | $144.67 | 20.3% | $24,232.77 |
| 23 | $571.49 | $141.36 | 19.8% | $23,661.29 |
| 24 | $574.82 | $138.02 | 19.4% | $23,086.47 |
| 25 | $578.17 | $134.67 | 18.9% | $22,508.30 |
| 26 | $581.54 | $131.30 | 18.4% | $21,926.75 |
| 27 | $584.94 | $127.91 | 17.9% | $21,341.82 |
| 28 | $588.35 | $124.49 | 17.5% | $20,753.47 |
| 29 | $591.78 | $121.06 | 17% | $20,161.68 |
| 30 | $595.23 | $117.61 | 16.5% | $19,566.45 |
| 31 | $598.71 | $114.14 | 16% | $18,967.75 |
| 32 | $602.20 | $110.65 | 15.5% | $18,365.55 |
| 33 | $605.71 | $107.13 | 15% | $17,759.84 |
| 34 | $609.24 | $103.60 | 14.5% | $17,150.59 |
| 35 | $612.80 | $100.05 | 14% | $16,537.80 |
| 36 | $616.37 | $96.47 | 13.5% | $15,921.42 |
| 37 | $619.97 | $92.87 | 13% | $15,301.45 |
| 38 | $623.58 | $89.26 | 12.5% | $14,677.87 |
| 39 | $627.22 | $85.62 | 12% | $14,050.65 |
| 40 | $630.88 | $81.96 | 11.5% | $13,419.77 |
| 41 | $634.56 | $78.28 | 11% | $12,785.21 |
| 42 | $638.26 | $74.58 | 10.5% | $12,146.94 |
| 43 | $641.99 | $70.86 | 9.9% | $11,504.96 |
| 44 | $645.73 | $67.11 | 9.4% | $10,859.23 |
| 45 | $649.50 | $63.35 | 8.9% | $10,209.73 |
| 46 | $653.29 | $59.56 | 8.4% | $9,556.44 |
| 47 | $657.10 | $55.75 | 7.8% | $8,899.34 |
| 48 | $660.93 | $51.91 | 7.3% | $8,238.41 |
| 49 | $664.79 | $48.06 | 6.7% | $7,573.63 |
| 50 | $668.66 | $44.18 | 6.2% | $6,904.96 |
| 51 | $672.56 | $40.28 | 5.7% | $6,232.40 |
| 52 | $676.49 | $36.36 | 5.1% | $5,555.91 |
| 53 | $680.43 | $32.41 | 4.5% | $4,875.48 |
| 54 | $684.40 | $28.44 | 4% | $4,191.08 |
| 55 | $688.40 | $24.45 | 3.4% | $3,502.68 |
| 56 | $692.41 | $20.43 | 2.9% | $2,810.27 |
| 57 | $696.45 | $16.39 | 2.3% | $2,113.82 |
| 58 | $700.51 | $12.33 | 1.7% | $1,413.31 |
| 59 | $704.60 | $8.24 | 1.2% | $708.71 |
| 60 | $708.71 | $4.13 | 0.6% | $0.00 |
How this was calculated
Fixed-payment loan formula
The calculator first subtracts the down payment from the purchase price, then applies the standard amortizing-loan formula.
Monthly payment equals principal times monthly interest rate, divided by one minus open parenthesis one plus monthly interest rate close parenthesis raised to the negative number of payments.
- M
- Monthly principal-and-interest payment.
- P
- Amount borrowed after the down payment.
- r
- Annual interest rate divided by 12.
- n
- Total number of monthly payments.
At a 0% rate, the amount borrowed is divided evenly across all monthly payments instead.
- Purchase price
- $40,000
- Down payment
- $4,000
- Amount borrowed
- $36,000
- Total purchase cost
- $46,771
The total purchase cost includes the down payment and all scheduled loan payments. This estimate does not include taxes, fees, insurance, late charges, changing rates, or early payments. Lender calculations may differ slightly because of rounding and payment timing.