Monthly payment, total cost, and payoff schedule
Estimate the monthly payment and total cost of a fixed-rate loan, including an origination fee and extra payments, then compare two scenarios side by side.
How this calculator works
It uses the standard formula for a fixed-rate loan with equal monthly payments, the same one most installment lenders use. Each month, interest is charged on the balance still owed, and the rest of the payment reduces the balance. That’s why early payments are mostly interest.
Fees
If the fee is taken out of the loan, you repay the full amount but receive less. If it’s added to the balance, you receive the full amount and pay interest on the fee too. Either way, the cost of borrowing is everything you repay minus the money you actually got.
Estimated APR
The APR shown is our estimate from your inputs: the yearly rate at which your payments are worth exactly what you received. A lender’s Truth in Lending disclosure is the official number and may include charges we don’t know about. Read APR versus interest rate for a worked example.
Comparing scenarios
Save your current inputs as scenario A, then change the term, rate or fee. The comparison shows the difference in payment and in total cost, which is where a longer term’s real price shows up.
What it can’t tell you
- The rate you’d be offered. That depends on the lender, your credit, income and the loan.
- Daily interest, late fees, or a lender’s exact rounding, which can shift totals by a few dollars.
- Variable-rate loans, where the payment can change.