Southweest Low Rate Calculator
Southweest’s low rate calculator is an essential tool for anyone considering a loan. It helps you understand the true cost of borrowing and make informed decisions.
- Enter your loan amount, interest rate, and loan term.
- Click ‘Calculate’.
- View your monthly payment and total interest paid.
- Use the interactive chart to see how your payment changes over time.
The calculator uses the mortgage formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n — 1 ]
| Loan Amount | Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|
| $200,000 | 4.5% | 30 years | $1,073.64 | $207,704.00 |
| Interest Rate | Average Monthly Payment (30-year loan) |
|---|---|
| 3.5% | $1,267.27 |
- Consider refinancing to lower your interest rate.
- Paying extra towards your principal can save you thousands in interest.
- Use the calculator to compare different loan terms and interest rates.
What is the difference between APR and interest rate?
APR (Annual Percentage Rate) includes fees and costs associated with the loan, while the interest rate only considers the interest you’ll pay.
For more information on loan calculations, see the CFPB’s guide on APR vs. interest rate.