Calculate fixed-rate loan payments, total interest, amortization, and extra-principal savings. Enter principal, annual note rate, and term; fees are excluded.
A quick decision brief for this specific tool
Principal, annual note rate, monthly term, optional extra principal, and optional gross income plus other recurring monthly debt
Fixed monthly payment, total interest and payments, payoff date, amortization schedule, extra-payment savings, term comparison, and a simplified debt-to-income planning ratio
Standard fixed-rate amortization with a zero-interest branch and balance-capped extra principal; each row recalculates interest on the remaining balance
Choose your path
Compare fixed-payment loan cost, payoff timing, and extra-payment effects without confusing interest rate, APR, or affordability.
Compare the payment and total interest for the same principal across rates and terms.
Enter principal/rate/term, inspect formula and totals, then compare standard terms one assumption at a time.
Can compare like-for-like loan scenarios and knows the estimate excludes lender fees unless modeled.
Estimate how a recurring extra payment changes payoff time and interest.
Add a monthly extra amount and review the complete amortization and savings comparison.
Sees a payoff that never overpays principal and can verify the last scheduled balance reaches zero.
Check whether the payment fits monthly cash flow without treating a quick ratio as approval.
Enter monthly income, read payment and ratio context, and review the result on a narrow screen.
Completes the flow with named 44px controls and treats affordability as planning context, not underwriting.
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P is principal, r is annual note rate percent divided by 100 and 12, and n is the exact number of monthly payments. At zero interest, the scheduled payment is P/n. No whole-year rounding is applied.
M = P[r(1+r)^n]/[(1+r)^n-1]Sum the schedule's actual payments, including any extra principal and the smaller final payoff. Interest is this total minus principal. Display and CSV amounts round to cents; calculations retain precision. Fees and prepayment penalties are not included.
Modeled interest = Sum of actual payments − PrincipalEach payment splits into interest and principal. Interest depends on the opening balance and monthly note rate; it need not exceed principal in early payments. The schedule starts next month, not on a lender-confirmed payment date.
Interest = Balance × (Annual note rate percent ÷ 100 ÷ 12); Principal = Payment − InterestUpdated: August 2026
Illustrative fixed-rate scenario, excluding fees and extra payments; not a current rate offer.
→ $466.08/month; $2,964.53 modeled interest
Illustrative fixed-rate principal-and-interest comparison, excluding fees and extra payments.
→ $313.36/month; $1,281.09 modeled interest
Illustrative level-payment loan only. Student-loan subsidies, income-based plans, deferment and forgiveness are not modeled.
→ $379.84/month; $10,581.04 modeled interest
The annual note rate drives this payment model. APR is a broader annualized borrowing-cost measure that includes certain fees; do not substitute it for the note rate here. Review lender disclosures and fees separately.
For the same principal and positive fixed rate with no extra payments, a longer term reduces the scheduled payment and increases modeled interest. At zero interest, term length does not add interest. Compare the exact month count and fees separately.
Estimate a fully amortizing fixed-rate loan in whole months, with optional extra principal payments. Enter the annual note rate, not APR. Fees, variable rates, lender-specific dates and program rules are excluded; results are planning estimates, not a quote or approval.