Loan Calculator
Estimate a fixed-rate loan payment, total interest, and payoff schedule.
Currency formatting only. Enter your lender's rate; amounts are not converted.
Loan details
Estimate assumes a fixed annual rate and monthly payments. Fees and lender-specific rules are not included.
Balance and interest over time
Annual loan balance and cumulative interest estimates.
Total repayment share
Monthly payment schedule
Principal, interest, and remaining balance by payment.
| Month | Principal | Interest | Payment | Balance |
|---|
Detailed Breakdown
This page models a fixed-rate amortized loan: each scheduled payment covers that month's interest and reduces principal.
Inputs
Enter the amount borrowed, annual interest rate, and term in years or months. The optional extra monthly principal is added to each scheduled payment and can shorten payoff time. Choose a currency to change formatting only; no exchange conversion is performed.
Payment formula
For principal L, monthly rate
i = annual rate / 12, and n monthly
payments, scheduled payment is
M = L * i / (1 - (1 + i)-n). At 0% interest,
payment is L / n.
Reading the results
Scheduled P&I excludes extra principal. Estimated monthly payment includes the extra amount you entered. Total interest is summed from the month-by-month balance; the table and CSV show each payment's principal, interest, and ending balance.
Assumptions and limits
The model assumes monthly payments, a constant rate, and extra principal applied with each payment. Fees, insurance, penalties, variable rates, balloon payments, deferred lump-sum loans, and bond pricing are not modeled. Confirm lender terms before borrowing.
Examples
For a 25,000 loan at 6% annual interest over 60 months, a standard fixed monthly payment is about 483.32 before fees or other charges. Extending the term generally lowers the payment but increases total interest.
FAQ
Does the payment include fees or insurance?
No. This estimate uses principal, rate, and payment term. Add other costs separately when comparing offers.
Can I enter the term in months?
Yes. Choose months or years in the term selector; the schedule is calculated in monthly periods.
What does extra principal do?
Extra principal reduces the outstanding balance sooner, generally shortening payoff and lowering interest under the model's assumptions.
Related Calculators
- Payment Calculator — solve for payment or term.
- Amortization Calculator — inspect principal and interest by period.
- APR Calculator — estimate the effect of upfront fees.
Internal links: review period-by-period payoff in the Amortization Calculator or compare fee-inclusive cost with the APR Calculator.