Debt-to-Income Ratio Calculator
Calculate front-end and back-end debt-to-income ratios from gross income, housing costs, and recurring debt payments.
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Loan Calculator
Estimate fixed-rate installment loan payments, total interest, payoff time, and extra payment savings.
Loan details
Fees and extra payments
Interest saved with extra payments
Balance timeline
Standard payoff compared with extra paymentsPayment mix
Principal and interest by yearAmortization preview
First 12 payments| Month | Payment | Principal | Interest | Extra | Balance |
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Interpret your loan estimate
The monthly payment is the fixed payment needed to repay the financed balance over the selected term. The total cost shows how much the loan costs after interest and fees.
Inputs that matter most
- Interest rate: drives how much of each payment goes to interest.
- Loan term: longer terms lower payment but usually increase total interest.
- Fees: origination and other fees can make the effective cost higher.
- Extra payments: can shorten payoff time when applied to principal.
Common mistakes
- Comparing payment size without comparing total cost.
- Ignoring origination fees or add-on fees.
- Assuming extra payments lower the required payment.
- Using the calculator for variable-rate loans without adjusting assumptions.
When this estimate can be misleading
This estimate works best for fixed-rate installment loans. It does not include variable APR changes, late fees, prepayment penalties, lender-specific amortization rules, or insurance add-ons.
Scenarios to try
- Compare shorter and longer terms with the same loan amount.
- Add the origination fee quoted by the lender.
- Try a monthly extra payment to see interest savings.
- Increase the rate by 1% to compare weaker offers.
Next-step utilities
How to use this loan calculator
Estimate payments for fixed-rate installment loans such as personal, auto, student, or debt consolidation loans.
- Enter the loan amount, annual interest rate, term, and start month.
- Open fees and extra payments if you want to include origination fees or principal-only prepayments.
- Review monthly payment, total interest, total cost, payoff time, and payoff date.
- Compare at least two terms or rates so you can see the tradeoff between monthly payment and total interest.
- Use the charts and amortization preview to see how the loan balance and payment mix change over time.
Loan Calculator features
- Estimate monthly payments for fixed-rate installment loans.
- Use personal, auto, student, or debt consolidation loan assumptions.
- Enter loan amount, APR, term, and start month.
- Include origination fees when they affect loan cost.
- Add principal-only extra payments.
- Review monthly payment, total interest, total cost, payoff time, and payoff date.
- Use charts to inspect balance decline and payment mix over time.
- Preview an amortization schedule for the loan.
How to read the loan results
The monthly payment is the standard amortized payment required to repay the financed balance by the selected term.
Total interest shows the interest cost under the current extra-payment settings. Total fees shows upfront costs included in the balance.
Extra payments are applied to principal and keep the regular payment the same, so the loan pays off sooner instead of recasting the monthly payment.
A lower monthly payment is not always the cheaper loan. Longer terms can make the payment easier to fit into a budget while increasing total interest. Shorter terms usually cost less overall but require a larger payment.
Use the amortization preview to understand why interest is front-loaded. Early payments are calculated against a larger balance, so more of each payment goes to interest at the beginning of the loan.
Loan payment formula
The calculator uses the standard fixed-rate amortization formula.
M = L \cdot \frac{r(1+r)^n}{(1+r)^n - 1}
L is financed balance, r is monthly interest rate, and n is number of monthly payments.
The schedule applies each payment to interest first, then principal. Fees are included in the total cost summary, and extra payments are modeled as additional principal payments based on the frequency selected.
Loan calculator FAQ
What types of loans does this work for?
It works best for fixed-rate installment loans with predictable monthly payments, such as many personal, auto, student, and debt consolidation loans.
Why is more interest paid early in the loan?
Interest is calculated from the remaining balance. Early in the term the balance is higher, so a larger share of each payment goes to interest.
Do extra payments reduce the required monthly payment?
This calculator applies extra payments to principal and keeps the regular payment the same, so the loan pays off sooner instead of recasting the monthly payment.
Is APR the same as interest rate?
Not always. APR can include certain fees and costs. If a lender gives both an interest rate and APR, use the number that best matches the comparison you are trying to make.
Does this include prepayment penalties?
No. If your loan charges a prepayment penalty, include that separately before deciding whether extra payments are worthwhile.
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