How to use it
- Enter loan amount
- Enter annual interest rate
- Enter term in years
- Read monthly payment, total interest and total cost
What it does – The calculator takes your loan amount, the annual interest rate and the term in years, then instantly shows the monthly payment, the total interest you’ll pay over the life of the loan, and the overall amount you’ll have paid. Why it matters – Knowing these numbers helps you budget, compare lenders, and avoid surprises when the loan ends. How to read the results – The monthly payment is what you’ll owe each month. The total interest is the extra cost of borrowing. The total of payments is simply the sum of every monthly payment, showing the full cost of the mortgage.
Pro tips
- Round the loan amount to the nearest thousand to simplify comparison
- Enter the interest rate as a whole number (e.g., 5 for 5%)
- Check the term in whole years; partial years can skew the monthly figure
- Remember the total interest grows faster with longer terms
Real-life examples
- First‑time buyer in San José wants to see if a 20‑year loan fits the budget
- Investor comparing two properties with different loan amounts and rates
- Ex‑expat planning to refinance an existing mortgage and needs the cost impact
Case study
Maria entered a $150,000 loan at 4.5% for 25 years, saw a $850 monthly payment, $106,000 total interest and $256,000 total cost, then chose a shorter 20‑year term to save $30,000 in interest.