See the cost
of borrowing.
Estimate a fixed-rate loan payment, total interest, payoff timeline, and the effect of paying extra each month or once as a lump sum.
Loan calculator
Set the loan assumptions.
Local estimate · extra payments are applied to principal
Monthly principal + interest
5 years at the scheduled payment
No extra payments · fixed-rate monthly estimate
Watch the balance fall.
| Payment | Payment | Principal | Interest | Balance |
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Extra payments are included in the scenario shown above.
This models a fixed nominal annual rate with monthly compounding and principal-and-interest payments. It does not include fees, insurance, taxes, variable rates, lender-specific rounding, or prepayment rules.
How is the monthly payment estimated?
The page uses the standard fixed-rate amortization formula with the annual rate divided by 12. At zero interest, the principal is divided evenly across the number of payments.
What do extra payments change?
The regular payment stays the same while extra amounts reduce principal at payment time. That can shorten the payoff timeline and reduce interest; the page shows the difference against the baseline schedule.
Is this a lender quote?
No. It is an educational estimate. Actual loans can include APR differences, fees, daily interest, taxes, insurance, penalties, payment timing, and lender-specific rounding.