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FINANCE · FREE ONLINE CALCULATOR

Loan Calculator

Estimate fixed-rate loan payments, total interest and an annual repayment breakdown. Compare how your loan term changes the overall cost.

Detailed optionsStep-by-step guideWorked examples
Make it yours

Switch between estimating repayments and estimating a principal from a payment budget.

USD

The principal borrowed before any upfront fee.

%

The nominal fixed borrowing rate. This is not a fee-inclusive APR.

years

The number of whole years in the projection. A longer term changes both the payment and total interest.

Advanced options2 more ways to explore
USD

An optional extra amount paid toward the balance every month. It can shorten payoff time; penalties and lender restrictions are excluded.

USD

A one-time amount paid separately at origination. It is included in total cost, not added to the financed balance.

Private by design. Calculated in your browser.
Estimated monthly paymentLIVE RESULT
$489.15
Amount financed$25,000.00
Total interest$4,349.22
Total loan payments$29,349.22
Upfront origination fee$0.00
Loan payments + upfront fee$29,349.22
Estimated payoff: 5 yearsAdd an extra principal payment in advanced options to compare payoff time.Last loan payment: $489.15. Ongoing costs are excluded from that final loan payment.
Your balance on the way to payoffHover to explore each year
Start2.5 years5 years
Illustrative model. Check the assumptions below; real outcomes may differ.
YOUR ANIMATED GUIDE

Follow your numbers, step by step.

These steps use your current inputs. Choose a step or play the walkthrough.

STEP 1 / 4
$25,000.00
1234

Find the amount financed

Use the principal borrowed. The upfront fee is paid separately, not financed.

Starting principal = $25,000.00
Explore at your own pace
ONE ASSUMPTION, A DIFFERENT PERSPECTIVE

Compare your options

These rows update with your inputs. Comparisons illustrate assumptions, not forecasts.

Scenario comparison · USD
Loan termScheduled P&I / monthInterest without extra payments
3 years$766.23$2,584.10
5 years$489.15$4,349.22
7 years$371.24$6,183.82

Term comparisons show scheduled principal and interest without extra payments, fees or housing carrying costs.

How to use this loan calculator

Use this fixed-rate loan calculator to estimate monthly repayments or to work backward from a monthly payment budget to a possible loan amount. The full picture includes the scheduled payment, interest, upfront fees and the effect of extra principal payments. Compare loan terms using the same financed amount, then inspect a monthly or annual amortization schedule.

Principal, interest and the loan term

Principal is the amount borrowed. Interest is the cost applied to the outstanding balance. The term is the repayment period. A fixed scheduled payment can remain constant while its interest and principal portions change each month. This calculator uses monthly interest and assumes on-time payments at the end of each month.

Payment budgeting versus borrowing eligibility

The affordability mode converts a chosen principal-and-interest payment into a loan amount using the same interest rate and term. It does not assess income, existing debts, credit history or lender eligibility. Extra payments are additional to that budget and fees are handled separately, so an illustrative amount is not an approval or an offer.

Understand extra payments and fees

An extra monthly payment reduces principal after that month’s interest is calculated. Because later interest is charged on a smaller balance, the loan can finish sooner. The comparison uses the same loan with no extra payment as its baseline. The origination fee is a separate upfront cost; it is not added to principal, and a fee-inclusive APR is not calculated. Check lender rules about prepayment and how extra funds are applied.

Loan formulas, explained

Fixed monthly payment

M = P × i ÷ [1 − (1 + i)^−N]

P is principal, i is annual nominal rate / 12 as a decimal and N is the number of months. At i = 0, M = P/N.

Borrowing amount from a budget

P = M × [1 − (1 + i)^−N] ÷ i

At zero interest, principal equals monthly budget × number of months.

Monthly amortization

Interest = balance × i; principal paid = payment − interest

Extra principal is included in payment. The last payment is limited to the remaining balance plus interest.

EVERY OPTION, EXPLAINED

Know what goes into your result.

Use this reference to check units, assumptions and advanced settings.

Loan calculator input reference
Input or optionWhat it means
What would you like to find?Switch between estimating repayments and estimating a principal from a payment budget.
Loan amountThe principal borrowed before any upfront fee.
Annual interest rateThe nominal fixed borrowing rate. This is not a fee-inclusive APR.
Loan termThe number of whole years in the projection. A longer term changes both the payment and total interest.
Extra principal / monthAn optional extra amount paid toward the balance every month. It can shorten payoff time; penalties and lender restrictions are excluded.
Upfront origination feeA one-time amount paid separately at origination. It is included in total cost, not added to the financed balance.
Monthly P&I budgetThe budget for scheduled principal and interest only; excludes fees and optional extra payments.
PUT THE FORMULA TO WORK

Worked examples you can try.

Load an example into the calculator, then change one value to explore.

EXAMPLE 01

Zero-interest loan

Borrow 12,000 for 1 year at 0%. Twelve scheduled payments of 1,000 repay the principal, with no modeled interest.

EXAMPLE 02

See extra payments work

Use a 25,000 loan at 6.5% for 5 years, then add 100 per month. Compare interest saved and months removed from the payoff schedule.

MAKE THE NUMBERS MAKE SENSE

Common mistakes to avoid

  • Using an advertised APR as though it were always the nominal rate used in the payment formula.
  • Comparing payments across different principal amounts or different fees.
  • Assuming the optional extra payment is required by the original loan contract.
A LITTLE MORE CLARITY

Frequently asked questions

What is included in the loan payment?

The scheduled payment includes principal and fixed-rate interest. Optional extra principal and a separately paid upfront origination fee are shown in the relevant results. Insurance, penalties and other unlisted charges are excluded.

Does a longer loan term cost more?

At the same rate and principal, a longer term typically lowers each payment but increases the total interest paid.

Is the origination fee financed?

No. The fee entered here is paid separately upfront. To model a financed fee instead, add it to the loan amount and leave the upfront-fee field at zero.

Can I see every monthly payment?

Yes. Open the repayment breakdown and choose Monthly. It shows interest, principal, payment and remaining balance, including a smaller final payment if applicable.

Does affordability mode include extra payments?

The borrowing amount is based on the scheduled P&I budget. Optional extra payments are added afterward and affect the payoff schedule.

Why is my lender’s payment different?

Daily-interest methods, payment dates, fees, rounding and contract terms can differ from this monthly fixed-rate model.

Methodology & assumptions

Calculations run in your browser using the formulas and assumptions explained on this page. Intermediate values retain full floating-point precision; displayed amounts are rounded. Financial results are illustrations with constant assumptions, not quotes or guarantees. Sharing an input link places those inputs in the URL.

Further reading:CFPB explanation of amortization
KEEP EXPLORING

A little more perspective.

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