Consumer Finance
Loan Payment Calculator
Updated Aug 21, 2026 Reviewed Aug 21, 2026
Estimate a fixed-rate installment loan payment, payoff date, total interest, fees, and the effect of extra monthly payments.
Fixed-rate installment loan
Enter loan amount, rate, and term
Result
Calculation summary
Enter values to see the result
Your result, breakdown, assumptions, and warnings will appear here.
Loan balance preview
Balance over the repayment term
- Required monthly payment
- $489.15
- Total interest
- $4,349.22
- Estimated payoff
- Aug 1, 2031
How to use this calculator
- 1Enter the amount borrowed, fixed annual interest rate, and loan term.
- 2Choose a first payment date and add optional monthly principal payments or upfront fees.
- 3Calculate to review the required payment, payoff schedule, total interest, and savings from paying extra.
Formula
Payment = P × r ÷ (1 − (1 + r)^−n)
P is principal, r is the monthly interest rate, and n is the number of monthly payments. Zero-interest loans divide principal evenly.
Calculation steps
- Convert the selected term to whole monthly payments.
- Calculate the fixed scheduled payment from principal, monthly rate, and term.
- Apply each payment to interest first and then principal.
- Apply optional extra payments to principal and stop when the balance reaches zero.
- Add separately entered upfront fees to the total cost without treating them as calculated APR.
Worked example
A 25,000 loan at 6.5% for five years has a required monthly payment of about 489.15 before optional extra payments or fees.
Assumptions
- The interest rate is fixed and divided into twelve equal monthly periods.
- Payments are made monthly and on time, with no late fees or payment holidays.
- Extra payments reduce principal and do not trigger a prepayment charge.
- Entered fees are shown separately and are not used to calculate a regulatory APR.
Sources
Frequently asked questions
Is the entered rate the same as APR?
Not necessarily. APR may include origination charges and other loan costs. This calculator uses the entered rate for interest and displays fees separately.
How do extra payments change the loan?
They are applied to principal after the scheduled payment, which can reduce both payoff time and total interest.
Does the result include late or prepayment fees?
No. It assumes on-time monthly payments and no prepayment charge.
Can it calculate an adjustable-rate loan?
No. The first version models one fixed rate for the complete term.
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