There are several types of interest you may encounter throughout your life. Each loan has its own interest rate that will determine the actual amount you owe. Bankrate's loan interest calculator can help you determine the total interest over the life of your loan and your average monthly interest payments. This calculator only applies to fixed or simple interest loans.

Mortgage rates are at their highest point in more than a decade, adding up to thousands of dollars in costs for prospective homebuyers. The average interest rate on a 30-year fixed mortgage rose to 6.3 percent starting Thursday, according to Freddie Mac, up from an average of about 3 percent last December.