Loan Payment Calculator
Estimate the scheduled monthly payment for a fixed-rate loan and see how an extra payment may change the payoff timeline.
Quick answer
Enter the amount borrowed, fixed APR, and term. The calculator solves for the scheduled monthly principal-and-interest payment, then simulates any extra monthly amount.
Formula used
For a monthly rate r and n payments, payment = principal × r ÷ (1 − (1 + r)^−n). At 0% interest, principal is divided evenly across the term.
Worked example
A $25,000 five-year loan at 7.5% APR has a fixed scheduled payment. Adding an extra amount each month reduces principal earlier, which can shorten the term and reduce later interest.
How to interpret the result
Use the comparison to test scenarios, then verify important decisions against current account documents and provider rules. A calculator is most useful when the inputs match the balance, rate, payment timing, and fees that apply to you.
Limitations
The estimate assumes a fixed rate, monthly payments, no skipped payments, and no fees. Lenders may use daily interest, origination fees, prepayment rules, or different rounding.
Source and methodology
Consumer Financial Protection Bureau loan guidance. The source supports the general concept; ToolGemini performs the calculation locally from the values you enter and the formula described above.
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Frequently asked questions
Does an extra payment lower my required payment?
Usually not automatically. This calculator keeps the scheduled payment and applies the entered extra amount to principal. Confirm how your lender applies extra funds.
Does APR include every loan cost?
APR can include certain costs, but the calculator uses the percentage as a simple fixed annual rate and does not model separate fees.
Can I use this for an auto or personal loan?
Yes, for a fixed-rate amortizing loan with monthly payments. Check the agreement when payments, fees, or interest rules differ.