Compare the cost of borrowing
Use the amount you will actually borrow, the nominal annual interest rate, and the repayment term. Start with zero extra payment to see the scheduled monthly principal and interest. Then add an affordable extra amount and compare the interest saved and the final payment month.
A longer term can reduce the monthly payment while increasing total interest. Compare both numbers before choosing a repayment schedule.
What this estimate excludes
This model divides the nominal annual rate by 12 and applies interest to the remaining balance each month. It does not model a flat-rate loan, variable rates, irregular payment dates, arrangement fees or early repayment charges. Ask the lender which method the agreement uses. Enter fees separately in your own budget; the displayed interest total does not include them.
For a worked comparison, read how extra payments change a loan. Shared result links contain the inputs you choose to share; analytics does not receive those values.