How to Use
- 1.
Enter the amount borrowed, annual APR, term in months, loan type, and first payment date.
- 2.
Select a display currency; this changes formatting only and does not convert exchange rates.
- 3.
Add origination and other upfront fees to estimate net proceeds and fee-adjusted APR.
- 4.
Optionally enter monthly or lump-sum extra payments, a prepayment penalty, or the biweekly estimate.
- 5.
Review payment, interest, total cost, payoff date, affordability, offer comparisons, and amortization.
- 6.
Print or save as PDF, copy the summary, or download the payment schedule as CSV.
Features
Monthly fixed-rate installment payment and payoff date
Principal, interest, total cost, and fee-adjusted APR estimate
Origination percentage, flat fee, other upfront costs, and net proceeds
Monthly extra, one-time lump sum, biweekly approximation, and penalty estimate
Month-by-month amortization schedule and yearly rollup
Editable comparison of three user-entered loan offers
Debt-to-income affordability guide and target-payment reverse estimates
Balance and payment visualizations, copy, print/PDF, and CSV export
Frequently Asked Questions
How is the monthly loan payment calculated?+
For a fixed-rate installment loan, the estimate uses the loan principal, annual rate divided into monthly periods, and number of monthly payments. A zero-rate loan divides principal evenly across the term.
Does the effective APR estimate include fees?+
It estimates an annualized rate from the modeled payment stream and principal after entered upfront fees. This is not a legal APR disclosure; lender calculations and required disclosures can differ.
What does the amortization schedule show?+
Each modeled payment is split into principal and interest, with the remaining balance and estimated payment date. The yearly summary groups these amounts by loan year.
How do extra payments affect payoff?+
The calculator applies additional amounts to the modeled balance and estimates the resulting interest and payoff-time reduction. Confirm that your lender applies extra payments to principal and check for prepayment charges.
Is the biweekly payment result exact?+
No. It approximates 26 half-payments per year by adding one-twelfth of the regular monthly payment to each monthly payment. Servicer posting schedules and payment rules can change the result.
Can I compare loan offers?+
Yes. Enter each offer's APR, term, and fees to compare estimated payments and interest. Use lender quotes with matching assumptions; no live lender rates are provided.
Does the affordability result guarantee approval?+
No. The debt-to-income figure is a planning guide based on the inputs you provide. Lenders may use different income, debt, credit, and underwriting rules.
Why can my lender's payment be different?+
A lender may use different APR or day-count rules, payment dates, fees, variable-rate terms, taxes, insurance, rounding, or contract provisions. Verify the official payment schedule and loan disclosures.
About this tool
Free Loan Calculator
Use this loan calculator to estimate payments for common fixed-rate installment loans, including personal, auto, student, home-improvement, and debt-consolidation loans. Enter a principal, annual percentage rate, term, and start date to see the monthly payment, total interest, estimated payoff date, and principal-versus-interest schedule.
## Include fees in your loan estimate
Add an origination fee as a percentage or flat amount, plus other upfront charges, to estimate net proceeds and an annualized effective-rate estimate. This estimate treats entered charges as deducted from proceeds; lenders may calculate and disclose APR differently under applicable rules. Enter any prepayment penalty to include it in the extra-payment scenario when the modeled payoff is earlier.
## Review amortization and early payoff scenarios
The month-by-month schedule shows payment, principal, interest, remaining balance, and payment date. A yearly summary rolls up principal and interest. Add a recurring extra amount, a one-time principal payment, or the biweekly estimate to compare payoff timing and interest. The biweekly option approximates the effect by adding one-twelfth of a regular monthly payment each month; actual lender payment posting can differ.
## Compare offers and check payment affordability
Edit the sample loan offers to compare monthly payments and estimated interest using rates, terms, and fees you enter. The affordability panel estimates debt-to-income using your gross monthly income, other monthly debts, and a user-selected guide. Reverse estimates show an approximate principal for a target payment, a term for the entered loan, and a rate that would meet the target payment.
This calculator is an educational estimate, not a loan offer, approval decision, or financial advice. It assumes a fixed annual rate converted to monthly interest and regular monthly payments. Actual costs may differ because of lender-specific APR rules, variable rates, taxes, insurance, payment timing, rounding, contract terms, or local law. Confirm all figures and prepayment rules with the lender before borrowing.
Need a full payment-by-payment table? Use the Amortization Schedule Calculator to review principal, interest, remaining balance, and extra-payment impact. Comparing a vehicle loan? Use the dedicated Car Loan Calculator for down payment, trade-in, flat or reducing rates, and vehicle fees. If you want to see how debts affect your overall finances, use the Net Worth Calculator. Browse all Calculators for more planning tools.