FINANCE / BORROWING
Loan Calculator
Turn a loan amount, rate, and term into a monthly payment estimate, then see how an extra payment changes the payoff view.
Set your loan inputs
Use the annual rate and full term from the offer you want to compare.
Monthly payment
Your estimate will appear here
Enter the loan details, then calculate to see scheduled payment, interest, and the extra-payment comparison.
What this loan estimate includes
The result uses a fixed-rate amortization calculation for principal and interest. It also shows total scheduled paid, total scheduled interest, and an approximate month count when an extra payment is entered.
Monthly payment formula
The annual rate is converted to a monthly rate. The standard formula spreads the balance across the selected number of monthly payments, with a separate zero-rate path.
Extra payment caveat
The extra-payment view is deliberately labeled approximate. It compares the regular payment plus your extra amount and is not a full month-by-month amortization schedule.
Frequently Asked Questions
What does this loan calculator calculate?
It estimates a fixed-rate monthly principal-and-interest payment, scheduled total interest, total paid, and an approximate payoff view when you add an extra monthly payment.
What information do I need?
Enter the loan amount, annual percentage rate, term in years, and optional extra monthly payment. The calculator does not add taxes, insurance, or lender fees.
How is the monthly payment calculated?
The calculator converts the annual rate to a monthly rate and applies a standard fixed-rate amortization formula across the selected number of monthly payments.
Is the extra-payment result an amortization schedule?
No. The extra-payment view is an approximate comparison based on the scheduled payment plus the extra amount, so use a lender schedule for an exact payoff date and interest savings.
Will this match a lender quote?
It is a planning estimate. A lender quote can differ because of fees, credit terms, payment timing, taxes, insurance, and other loan conditions.