Free loan calculator for clear repayment planning. Use this loan calculator to estimate scheduled payments, total interest and borrowing cost, then compare optional fees and extra-payment scenarios.
Fixed-rate installment loans • Free to use • Calculated in your browser
Standard schedule vs. extra payments
| Measure | Standard schedule | Your plan |
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Remaining balance
Blue: standard schedule. Green dashed: your plan. The horizontal axis shows payment numbers.
Repayment schedule
| Period | Loan payment | Principal | Interest | Extra principal* | Balance |
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How to use this loan calculator
Enter the amount you want to borrow, the annual interest rate and the repayment term. Choose how often you make payments and how the rate compounds. Add fees or extra payments only when they apply, then calculate. Use the comparison table to see how your plan changes the number of payments and total interest.
Payment frequency and compounding are different
Payment frequency describes how often money is paid toward the loan. Compounding describes the interest convention used in this model. If both are monthly, the periodic rate is the nominal annual rate divided by twelve. If they differ, the calculator converts the compounding rate into an equivalent rate for each payment period.
View the formula
Let P be the starting loan balance, j the nominal annual rate as a decimal, m the compounding periods per year, f the payments per year and n the total number of payments. The equivalent payment-period rate is r = (1 + j/m)m/f − 1. The scheduled payment is P × r ÷ (1 − (1 + r)−n). At 0% interest, it is P ÷ n.
“Same as payment frequency” sets m equal to f. Monthly, every-two-weeks and weekly choices use 12, 26 and 52 equally spaced periods per year respectively. Actual dated payments, daily accrued interest and lender rounding may produce different results.
Loan calculator example: a five-year loan
This loan calculator example uses a loan of $30,000 at a nominal annual rate of 7%, with monthly compounding and 60 monthly payments, the estimated scheduled payment is $594.04. Without fees or extras, total interest is approximately $5,642.16. This example retains full precision internally; multiplying the displayed rounded payment by 60 can produce a slightly different total.
Understanding origination fees
The loan calculator fee controls let you model three arrangements. An upfront fee is paid separately and leaves the loan balance unchanged. A deducted fee reduces the cash you receive while leaving the repayment balance unchanged. A financed fee increases the starting balance and therefore can also increase interest.
For example, a 2% fee on a requested $10,000 loan is $200. With an upfront fee, proceeds are $10,000 and you separately pay $200. With a deducted fee, proceeds are $9,800 and the loan starts at $10,000. With a financed fee, proceeds are $10,000 and the loan starts at $10,200. The interest-plus-fee result counts the fee once in each case. It is a cash-cost measure, not an APR calculation.
Exploring an extra-payment plan
Use the loan calculator to test how a regular extra amount or one-time principal payment reduces the balance used for subsequent interest calculations in this model. The final payment is limited to what remains due, so an oversized extra amount is not treated as an overpayment. The comparison shows the modeled interest saving and earlier payoff.
Confirm your lender’s payment-allocation rules and any fees or restrictions before using a real extra-payment plan. Those charges are not included here.
Reading the results
- Scheduled payment: the normal principal-and-interest amount before extras.
- Cash received: requested proceeds less any fee withheld.
- Starting balance: requested amount plus any financed fee.
- Interest plus fee: modeled borrowing cost over your repayment plan.
- Cash paid: loan repayments plus any separately paid upfront fee.
Questions and limitations
Does this calculate APR?
No. Enter the nominal interest rate, not a fee-inclusive APR. The tool shows the fee and interest amounts, but it does not calculate a regulatory APR or include every possible loan charge.
Can I use a zero-interest loan?
Yes. Set the rate to 0. The principal is spread over the selected number of payments, and optional fees or extras still apply.
Is this suitable for every kind of loan?
This models a fully amortizing fixed-rate installment loan. It does not model changing rates, interest-only periods, balloon payments, late charges, payment holidays, daily-interest contracts or government repayment programs.
Are my inputs saved?
This calculator does not save or send your inputs. Download the schedule if you want to keep a copy. Other parts of the website may have their own analytics or privacy settings.
Helpful loan references
Review the Consumer Financial Protection Bureau personal-loan guidance and the CFPB installment-loan explanation when comparing real offers.
Loan calculator results are estimates. The currency selector changes formatting, not local lending rules.