Using the calculator
Enter Loan amount, APR, Loan term, Extra monthly payment, and the other fields shown. Model payment, total interest, payoff timing and the impact of extra monthly payments for a fixed rate installment loan.
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Loan Calculator
Model payment, total interest, payoff timing and the impact of extra monthly payments for a fixed rate installment loan.
Enter your financial details
Use current balances, rates, payments, income, costs, or tax figures that match the scenario. The loan tool uses those values to produce an estimate you can compare and plan around.
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months
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Required monthly payment—
Modeled payoff time—
Total interest—
Total paid including fee—
Interest saved from extra payments—
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How to use this calculator
Reading the result
The result estimates the payment or borrowing cost produced by the loan amount, interest rate, term, and other assumptions entered.
How it is calculated
Installment payment estimates use standard amortization math, spreading principal and interest across the selected term. Taxes, insurance, fees, mortgage insurance, and other costs only affect the result when the calculator includes or asks for them.
Results are estimates based on the values entered. Review the Methodology and Calculator Disclaimer for important limitations.
Common questions
What is the difference between principal and interest?
Principal is the amount borrowed or still owed. Interest is the cost charged for borrowing that principal under the loan terms.
Why can the total interest be much larger on a longer loan?
A longer term can lower the required monthly payment but keeps the balance outstanding for more months, giving interest more time to accumulate.
Does the estimate include loan fees?
Only if fees are included in the inputs or financed balance. Origination fees, insurance and other charges can change the real cost of a loan.
Related reading
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