To estimate the total amount you’ll repay, start with the expected monthly payment and multiply it by the number of scheduled payments. Then account for applicable fees and other charges that aren’t included in the basic principal-and-interest calculation.
For example, a loan with a lower monthly payment may still have a higher total repayment if it has a much longer term. That’s why looking only at the monthly payment can give you an incomplete picture.
You should compare the original amount borrowed with the total amount repaid. The difference represents the interest and other borrowing costs included in your calculation.
When comparing lenders, use the actual loan amount, interest rate, repayment term, and known fees from each offer. Our loan payment calculator can help estimate the payment and overall repayment cost.
Remember that the calculator provides an estimate. Your final amount can vary depending on the lender’s specific fees, loan structure, and terms.
