About the Loan Calculator
This loan calculator estimates the monthly payment and total cost for a fixed-rate loan paid back with regular monthly payments.
How to Use It
Enter the amount borrowed, annual interest rate, and loan term. Add an extra monthly payment if you want to see how faster repayment may reduce interest.
What the Results Mean
The monthly payment is the scheduled principal and interest payment. Total interest shows the cost of borrowing over the life of the loan.
Extra Payments
Extra monthly payments go toward the remaining balance in this estimate. They can shorten the payoff time and reduce interest, but real lenders may apply rules or fees differently.
Payment Formula and Example
For a fixed-rate loan, the payment is calculated from the balance, monthly interest rate, and number of monthly payments. A $10,000 loan at 6% APR for 36 months has a monthly rate of 0.5%; the estimate is about $304.22 per month before any extra payment or lender fees.
Limitations
This calculator does not include taxes, insurance, variable rates, late fees, or lender-specific charges. Use it as a planning estimate, not a final loan offer.
Method, Limits, and Source
Results use a fixed-rate amortization formula with the figures you enter. Your lender's disclosures and signed agreement control the actual APR, fees, payment allocation, prepayment terms, and total cost. Review the CFPB guidance on installment-loan fees before deciding.