Borrowing and planning
Estimate monthly payments, total interest, payoff speed, and the effect of extra monthly payments before you compare formal lender offers.
Calculator
Enter loan amount, rate, term, and any extra monthly payment to see how the repayment picture changes.
Method
The standard monthly payment uses the amortization formula P x r / (1 - (1 + r)^-n), where P is principal, r is monthly interest rate, and n is the number of monthly payments.
When an extra payment is added, the calculator simulates the loan month by month until the balance reaches zero.
Limitations: this is an estimate only. It does not include origination fees, insurance, property tax, closing costs, variable-rate resets, or lender-specific rounding rules.
Related
No. Use it for planning only. Actual offers depend on fees, credit profile, taxes, insurance, and lender policy.
It adds the same extra amount every month and re-simulates the balance until payoff.
Yes. In that case the payment is simply the loan amount divided by the number of months.
This calculator assumes a fixed rate for the entire term; variable-rate loans can change periodically, so the actual payment schedule may shift after each rate adjustment.
Yes, because you make 26 half-payments per year (equivalent to 13 monthly payments), which reduces the principal faster and cuts total interest.
APR folds in lender fees, points, and certain closing costs, giving a broader picture of borrowing cost than the nominal interest rate alone.