How to use this calculator
Use this calculator to estimate a level monthly payment on a fixed-rate, fully amortizing loan. Enter the amount borrowed, nominal annual interest rate and term. Add an optional extra monthly payment to see a hypothetical faster payoff.
How the loan calculation works
We calculate a monthly rate from the nominal annual rate and solve for a fixed installment. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal. The optional additional payment is assumed to be applied directly to principal.
What is not included
Results exclude origination fees, insurance, taxes, variable rate changes and potential early repayment penalties. Real lender statements may use different rounding or payment timing.
How to compare offers
Keep the principal and term consistent while comparing nominal rates; then review the lender’s APR and fee schedule separately. A longer term can reduce the monthly payment but increase lifetime interest.
Transparency note
This tool is a simplified educational model. It does not fetch live financial-product rates, consider your personal circumstances or guarantee outcomes. Check official statements and terms before acting.
Frequently asked questions
Is APR the same as the interest rate?
No. APR may include certain fees; enter the nominal annual interest rate here.
Will extra payments always reduce the term?
The illustration assumes the lender applies the extra amount to principal without penalty. Check your agreement.