Loan Calculator
Estimate monthly payments, interest, and payoff timing.
About This Calculator
Estimate payments and total interest for a fixed-rate installment loan. Add an optional extra monthly payment to see how it may shorten repayment.
How It Works
The standard fixed-rate amortization formula determines the scheduled payment. Each month, interest is calculated on the remaining balance and the rest of the payment reduces principal.
Payment = P × i × (1 + i)ᴺ ÷ ((1 + i)ᴺ − 1)
Example
A $20,000 five-year loan at 6.5% APR costs about $391.32 per month and about $3,479.38 in total interest.
Important Notes
This estimate assumes a fixed rate and regular monthly payments. It excludes fees, penalties, insurance, and lender-specific rounding.