Ignoring financed fees
Origination fees or closing costs can increase the amount you repay when they are added to the loan balance.
Loan calculator
Loan Payment Calculator
Estimate a fixed-rate installment loan with optional upfront fees and extra monthly payments. The calculator separates the scheduled payment from the faster payoff scenario so you can compare assumptions clearly.
Updated: June 10, 2026
Calculate your estimated payment
Your loan estimate
Scheduled monthly payment—
Total interest—
Total repayment—
Financed amount—
Estimated payoff time—
Interest saved with extra payment—
Live scenario comparison
Current term payment—
Half-term payment—
Double-term payment—
Total cost breakdown insight
This insight updates to show whether principal or interest dominates the total repayment.
Financed amount—
Total interest—
Amortization preview
Shows the first 12 monthly rows. Download CSV for the modeled full schedule.
| Month | Payment | Principal | Interest | Balance |
|---|
Yearly summary
How to read this result
Start with the scheduled monthly payment, then compare total interest and total repayment to understand the cost of the term. The extra-payment fields show a simplified acceleration scenario, not a lender guarantee.
Loan payment formula
For a standard fixed-rate installment loan, the scheduled monthly payment is estimated with this amortization formula:
M = P × r(1+r)n / ((1+r)n − 1)
- M = scheduled monthly payment before any extra payment
- P = loan amount plus financed upfront fees
- r = monthly interest rate, annual rate divided by 12
- n = total number of scheduled monthly payments
If you enter an extra monthly payment, the calculator simulates month-by-month payoff using the scheduled payment plus the extra amount.
Worked example
If you borrow $25,000 for 5 years at a 7.5% annual rate, the scheduled monthly payment is about $501. Adding financed fees increases the payment because the financed amount is higher. Adding an extra payment may shorten the payoff time and reduce interest.
This example is for education only. Your actual loan offer can change based on credit profile, lender fees, repayment schedule, payment allocation rules, and local requirements.
What the extra payment estimate means
The extra-payment result assumes the extra amount is applied to principal every month after scheduled interest is calculated. Some lenders apply extra payments differently, so real payoff dates can differ from this simplified estimate.
Common mistakes when estimating a loan
Comparing only monthly payment
A longer term may lower the scheduled payment but increase the total interest paid.
Assuming extra payments are automatic
Some lenders require instructions to apply extra money to principal rather than future payments.
FAQ
Is this calculator financial advice?
No. It is an educational estimate and does not recommend any specific loan or lender.
Does the calculator include fees?
It can include upfront fees if you enter them as financed fees. Other costs such as taxes, insurance, late fees, and lender-specific charges are not included.
What happens if the interest rate is 0%?
The calculator divides the financed amount by the number of months to estimate equal scheduled payments.
Why can extra payments save interest?
If extra payments reduce principal sooner, later interest calculations may start from a smaller balance.
How to read this repayment tradeoff
How to read this result
Read monthly payment, total repayment, and payoff time together. This page is most useful when it shows which lever is driving cost: financed fees, term length, rate, or optional extra payment. Lowest monthly payment is not automatically best outcome.
Before acting, compare result with official loan quote, fee disclosures, payment schedule, prepayment terms, and any qualified guidance you rely on. See How We Calculate and the Disclaimer for more context.
Offer-review memo
Scenario comparison
Use this page like loan-offer worksheet, not single payment lookup. Base case shows quote as entered. Longer-term case tests whether payment relief is mostly coming from more months. Extra-payment case asks whether small voluntary overpayment can beat rate-shopping on total cost.
If payment changes a lot while total repayment stays heavy, term is doing most of work. If financed fees move total cost more than rate does, fee treatment deserves more attention than headline APR alone.
Cash-flow relief
Test longer term and check whether easier monthly payment is worth slower payoff.
Contract efficiency
Compare financed amount and total repayment so low-rate marketing does not hide fee drag.
Voluntary acceleration
Check whether modest extra principal creates meaningful savings without requiring full refinance or new quote.
Quote accuracy check
Result quality checklist
- Financed fees are included when they increase balance instead of being paid separately.
- Rate, term, and payment frequency match actual quote or lender disclosure.
- Extra payments are allowed and applied to principal under contract terms.
- Total repayment, payoff timing, and budget fit are reviewed together before comparing offers.
Method and verification trail
- Method used: Standard amortization math estimates scheduled payment from financed amount, rate, and term, then simulates optional extra principal month by month.
- Primary source type to verify: Loan agreement, Truth in Lending disclosure, fee worksheet, and lender payment schedule.
- What to confirm in real documents: Whether fees are financed, payment frequency, APR vs nominal rate labeling, prepayment rules, and any penalty or autopay conditions.
- Scope limit: This page does not model taxes, late fees, variable-rate resets, underwriting approval, or lender-specific servicing rules in full detail.
For site-wide methodology, review How We Calculate. For sourcing and corrections standards, review Editorial Policy.
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