How an annuity loan works
With an annuity loan you pay the same amount every month. At the start most of it is interest, and over time more goes toward the principal.
The calculator shows the monthly payment, the total interest over the term and a yearly breakdown. Fees, insurance and rate changes are not included.
How to use the Loan Calculator
- 1Enter the amount, interest rate and term.
- 2Read the monthly payment and total cost.
- 3Check the yearly repayment plan.
Frequently asked questions
Is this the effective annual rate?
No. It uses the nominal rate you enter, divided by 12 per month.
Are fees included?
No. Add them separately for the real cost.