Use this loan calculator to estimate the required monthly payment, total interest, total repayment, and payoff timeline for a fixed-rate installment loan.
You can also test an optional extra monthly payment to see how paying more than the scheduled amount could change the payoff time and estimated interest cost.
What This Loan Calculator Helps You Check
A lower monthly payment does not necessarily mean a cheaper loan. Extending the repayment term can reduce the required monthly payment while increasing the amount of interest paid over time.
This calculator lets you compare the required payment with the full repayment cost so you can evaluate both affordability and long-term cost.
Loan Payment Calculator
Enter the principal borrowed, annual interest rate, loan term, and any optional extra payment.
| Month | Payment | Principal | Interest | Remaining Balance |
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For longer loans, the table shows selected checkpoints rather than every monthly payment.
How to Read Your Result
Required monthly payment is the estimated scheduled payment needed to amortize the loan over the original term.
Planned monthly payment is the required payment plus the optional extra amount you entered. The final payment may be smaller because only the remaining balance and interest are due.
Estimated interest is the interest generated by this simplified amortization model. It does not include separately entered upfront fees.
Estimated payoff time shows how long the simulated balance takes to reach zero under the payment plan entered.
Interest Rate, APR, and Fees Are Not the Same Thing
This calculator amortizes the loan using the annual interest rate you enter. A loan's APR can reflect certain additional borrowing costs, so an APR should not automatically be treated as though it were simply the contractual interest rate used in this formula.
If a lender charges an upfront fee that is not financed, you can enter it separately. The calculator will include that fee when showing estimated total borrowing cost, but it will not add that fee to the amortized principal.
If fees are financed into the loan, include them in the loan amount instead and leave the separate upfront-fee field at zero for those particular fees.
Before Making Extra Payments
Extra principal payments can shorten a loan and reduce interest under this model, but actual loan agreements can have different rules.
Check whether your lender allows extra principal payments, how additional payments are applied, and whether the contract includes a prepayment penalty or other restrictions.