Loan Calculator
Compute monthly loan payment, total interest paid, and total payoff amount for any loan amount, term, and interest rate.
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The hidden cost of long-term loans
A 25-year mortgage at 6.5% nearly doubles the principal in interest paid. Shortening to 15 years cuts total interest roughly in half. Run the math before you accept the longest term offered.
Frequently Asked Questions
Should I make extra payments?
Extra payments early in the term save the most interest. Even one extra payment per year against principal can shave 4-7 years off a 30-year mortgage.
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