Loan Payment Calculator
Estimate the monthly payment on a fixed-rate loan, along with the total interest and total cost over its life. Add an optional extra monthly payment to see how much interest and time you could save.
Estimated monthly payment
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- Total paid over the loan
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- Total interest
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Enter your numbers above to see an estimate.
With your extra payment
- Paid off in
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- Interest saved
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- Time saved
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How this works
This uses the standard amortized-loan formula PMT = P·r / (1 − (1 + r)−n), where P is the amount borrowed, r is the monthly interest rate (your APR ÷ 12), and n is the number of monthly payments. At 0% interest it falls back to simply dividing the balance across the term.
When you add an extra monthly payment, the calculator simulates the payoff month by month to find the real payoff date, the interest you'd avoid, and the time you'd shave off.
What this does not include
Real loans often carry costs this doesn't model: origination or closing fees, taxes, required insurance, PMI, or a variable rate that moves over time. Those can meaningfully change the true cost.
It assumes a fixed rate and on-time payments. For a mortgage specifically, a dedicated mortgage calculator (with taxes and insurance) is coming soon.