Enter the amount
Use the principal you plan to finance, not the purchase price of an asset.
Loan Calculator estimates the monthly payment, total interest, total borrowing cost, payoff timing, and amortization of a fixed-rate installment loan, including optional fees and extra principal payments.
Use the principal you plan to finance, not the purchase price of an asset.
Enter the fixed note rate and the full repayment period.
Advanced Options can include fees and three types of extra principal payments.
Compare payment, total interest, payoff time, and the monthly or yearly schedule.
For a fixed-rate amortizing loan with monthly payments, the scheduled payment is calculated from the amount financed, monthly interest rate, and number of payments. If the annual rate is zero, the payment is simply the amount financed divided by the number of months.
Standard formula: Payment = P × r ÷ [1 − (1 + r)−n], where P is the amount financed, r is the monthly interest rate, and n is the number of monthly payments.
Extra payments are applied after the scheduled payment calculation. Each month, interest is calculated on the opening balance, the payment first covers that interest, and the remainder reduces principal. Extra principal lowers future interest because later interest is calculated on a smaller balance.
For a $25,000 fixed-rate loan at 8.5% for 60 months, the scheduled monthly principal-and-interest payment is approximately $512.91 before optional extra payments or fees. The calculator then builds the payment schedule month by month so you can see how much goes to interest and principal and how quickly the balance falls.
The interest rate is the percentage charged for borrowing the principal. Fees can raise the overall cost even when the note rate stays the same. A lender-disclosed APR is designed to help compare borrowing costs and may include certain fees. This calculator reports the note-rate amortization and fees separately rather than presenting its own result as an official Truth in Lending APR.
Use it for fixed-rate installment loans with regular monthly payments, including many personal, auto, and other amortizing loans. Use a specialized calculator for mortgages, student loans with special repayment rules, revolving credit, or variable-rate debt.
Enter the fixed note interest rate. APR can include fees and is not always the rate used to calculate the contractual monthly payment.
You still repay the amount financed, but the net cash you receive is smaller. The calculator shows both the financed amount and estimated cash received so the difference is visible.
The fees are added to the modeled starting balance. Because they become part of the financed amount, the payment and total interest can increase.
The model applies them directly to principal with each payment. Confirm with your lender that extra amounts will be applied to principal and check for any prepayment restrictions.
It reduces principal in the selected month. Future interest is then calculated on the lower balance, which can reduce interest and shorten payoff time.
The final payment is limited to the remaining principal plus that month's interest. This prevents the schedule from overpaying the modeled balance.
No. It assumes each scheduled payment is made on time and does not model late fees, delinquency, payment holidays, or collection costs.
No. Lenders can use different compounding conventions, fee treatment, daily interest, payment timing, and rounding. Use your loan disclosure for the contractual terms.
Yes. Run each offer using its actual amount financed, note rate, term, and fees, then compare the monthly payment, total interest, total fees, and total borrowing cost.
If the loan affects a broader retirement, cash-flow, or insurance decision, request a meeting and bring the actual lender disclosure so the real terms can be reviewed.
Request a MeetingEducational Disclaimer: This Loan Calculator is for general educational planning only. It is not a lender disclosure, loan offer, Truth in Lending APR calculation, tax or legal advice, or a guarantee of actual payments. Confirm interest, fees, payment timing, prepayment terms, and final payoff amounts with the lender or servicer.