Loan Calculator
Estimate payments for any loan — auto, personal, student.
How to use this tool
- Enter loan amount, rate and term (months/years).
- Optionally add an origination fee and extra monthly payment.
- Make extra-payment scenarios to shorten term.
- Calculate payment, interest and a full schedule.
How it works
Payment uses the standard amortization formula. Extra principal payments reduce balance faster; the schedule reflects the new payoff date.
Tips
- Even $50/mo extra can save months and hundreds in interest.
- Run the same amount at 2 different rates to see the real difference.
- Watch origination fees — they're borrowed money too.
Limitations
Estimates are pre-tax and pre-insurance; limited-credit pricing can differ from advertised rates.
Frequently asked questions
How do you compute the monthly payment?
Same amortization formula as mortgages: P = L·r·(1+r)ⁿ/((1+r)ⁿ−1), with r = annual rate/12 and n = payments.
Can I include an origination fee?
Yes — a fee is funded into the principal so the 'true cost' shows up in total interest.
Does it work for simple-interest loans like autos?
Yes — amortized loans follow the same math; your lender's daily accrual differs only slightly.