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Loan Calculator

Estimate fixed-rate installment loan payments, total interest, payoff time, amortization, and potential savings from extra payments.

Loan details

Fees and extra payments

Interest saved with extra payments $0

Monthly payment

$0
Total interest
$0
Total cost of loan
$0
Payoff time
0 months
Payoff date
-
Total fees
$0

Cost breakdown

Total paid

Balance timeline

Standard payoff compared with extra payments

Payment mix

Principal and interest by year

Amortization preview

First 12 payments
Month Payment Principal Interest Extra Balance

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

Credit Card Payoff Calculator Mortgage Calculator Mortgage Payoff Calculator

How to use this loan calculator

Estimate payments for fixed-rate installment loans such as personal, auto, student, or debt consolidation loans.

  1. Enter the loan amount, annual interest rate, term, and start month.
  2. Open fees and extra payments if you want to include origination fees or principal-only prepayments.
  3. Review monthly payment, total interest, total cost, payoff time, and payoff date.
  4. Compare at least two terms or rates so you can see the tradeoff between monthly payment and total interest.
  5. 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.

Monthly payment
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.

Compare loan offers on the same basis

Collect the amount financed, payment schedule, interest rate, APR, fees, and any prepayment rule for each offer. Enter identical loan amounts and terms when you want to isolate price. If one offer has a longer term, compare total interest and total cost as well as the smaller monthly payment.

APR and the note rate answer different questions. The note rate drives the scheduled interest calculation, while APR may reflect certain finance charges in a standardized annual measure. This calculator models amortization from the entered rate and lists entered fees separately. It does not recreate every lender's APR disclosure.

Check whether fees are paid in cash or added to the balance. Financing a fee means paying interest on it, while paying it upfront raises the cash needed today. For consumer loans, review the lender's disclosures and ask about optional add-ons such as warranties, credit insurance, or service plans before including them in the comparison.

The CFPB overview of personal installment loans explains that borrowers receive a lump sum and repay it through regular payments, often with fees. Use the signed disclosures for the real payment amount, due dates, and total cost.

Stress-test the payment against actual take-home pay. A loan can be mathematically affordable while crowding out emergency savings or variable bills. Use the extra-payment field only for money you can send consistently, and confirm that the lender applies it to principal without a penalty. For a vehicle purchase, the auto loan calculator adds trade-in, tax, and dealer-fee details.

Read the amortization preview at three points: the first payment, the midpoint, and the final year. This shows how the interest share falls as principal is repaid. If the lender uses daily simple interest, an irregular first period, or a payment frequency other than monthly, its schedule can differ from this monthly model. Ask for an amortization disclosure when an exact contractual schedule matters.

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