Calculate fixed-rate monthly loan payments, fees, extra-payment savings, and a complete payoff schedule.
A fixed installment payment spreads the financed balance and monthly interest across the selected term. This calculator uses monthly payments and monthly compounding. Calculations retain full floating-point precision internally; currency is rounded only for display, so lender schedules that round each month may differ slightly.
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)When the annual interest rate is zero, no interest factor is needed.
Payment = principal ÷ number of paymentsThe required payment is applied first and the optional extra amount then reduces principal. The last payment is capped at the remaining balance plus that month’s interest. The calculator compares this accelerated schedule with the standard schedule to estimate interest and time saved.
An upfront fee does not increase financed principal, but it is included in total borrowing cost and reduces the effective amount received. A financed fee is added to the starting balance, so interest accrues on it. These figures are not represented as regulatory APR.
Early fixed-rate payments generally contain more interest because interest is calculated on a larger balance. As principal declines, less interest accrues. The yearly summary and expandable monthly table reconcile to the displayed schedule totals.
With no fee or extra payment, the full-precision monthly payment is approximately $386.66 and total interest is approximately $3,199.36 over 60 payments.
For a fixed-rate loan, the standard amortization formula uses the financed principal, monthly interest rate, and number of monthly payments. Zero-interest loans divide principal by the payment count.
It is a payment-by-payment breakdown showing how each payment covers interest and principal and how the remaining balance changes.
Total interest is the sum of interest in the generated schedule. It depends on financed balance, rate, term, and extra payments.
Extra payments are applied to principal after the required payment, which can reduce future interest and shorten payoff time.
That depends on lender rules, prepayment penalties, other debts, cash needs, and personal goals. Review your loan agreement and consider qualified advice.
An origination fee is a lender charge. If paid upfront it reduces the effective amount received; if financed it increases the balance and accrues interest.
The interest rate determines monthly interest. APR is a regulated broader cost measure. This calculator displays fees and borrowing costs but does not claim to calculate regulatory APR.
The schedule limits the final payment to the remaining principal plus accrued interest, so it may be smaller than a normal payment.
Yes, when the loan has a fixed rate, fixed term, and monthly payments. Taxes, dealer fees, and lender-specific rules must be entered or evaluated separately.
No. This initial calculator supports fixed annual rates with monthly compounding only.