How to use this tool
Enter the borrowed amount, fixed annual interest rate and term in years. Optionally add an extra monthly payment. Review monthly repayment, interest and repayment time.
Quick steps
- Enter the borrowed amount, annual interest rate and term length.
- Optionally include an extra monthly principal payment.
- Review the estimated monthly repayment, interest and payoff, then export the schedule.
Practical tip
These are estimates for a fully amortizing fixed-rate loan. Real loans may also include origination fees, taxes, insurance, changing interest rates or different daily-interest rules.
Common questions
Does an extra payment reduce interest?
Under these assumptions, extra amounts reduce principal each month and typically lower total interest and time to pay off.
Does the estimate include fees or insurance?
No. The calculation includes principal and interest only.
Can I calculate a zero-interest loan?
Yes. With 0% interest, the principal is divided by the number of months.