Loan Calculator
Estimate the monthly payment and total interest on a fixed-rate amortizing loan. Enter principal, APR and term, optionally add an extra monthly payment to see how much sooner you pay off and how much interest you save.
Principal borrowed
Annual percentage rate
Optional — applied to principal each month
Frequently asked questions
How is the monthly payment calculated?
For a fixed-rate amortizing loan the payment is M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is principal, r is the monthly rate (APR ÷ 12), and n is the number of months. At 0% APR the payment is simply principal ÷ months.
What does an extra monthly payment do?
Any amount above the required payment goes straight to principal. That shortens the payoff timeline and lowers total interest. This calculator re-runs the schedule with your extra amount and shows months saved when the loan pays off early.
Is this a quote from a lender?
No. Results are mathematical estimates for a fixed rate and schedule. Fees, insurance, taxes, variable rates and lender rules are not included. Use figures for planning only — not as a loan offer.