Loan & Financing Calculator

How it works

Works out the monthly payment, total interest and a year-by-year payoff table for a fixed-rate loan, with an optional down payment and rolled-in fees.

1. Amount financed = Loan amount − Down payment + One-time fees rolled into loan. It never goes below zero.
2. Monthly rate r = Annual interest rate (APR) ÷ 12. Payment = Amount financed × r × (1 + r)^n ÷ ((1 + r)^n − 1), where n is the Term (months).
3. At 0% interest the payment is Amount financed ÷ Term. The payment shows to the cent. Other dollar amounts are rounded to the nearest dollar.
4. Total paid = payment × term. Total interest = total paid − amount financed. Interest % of principal = total interest ÷ amount financed, rounded to a whole percent.
5. The annual snapshot steps through each month: interest = balance × r, principal = payment − interest. Payments are treated as made at the end of each month.

Questions

Is this financial advice?

No. It is a planning estimate that uses the rate, term and fees you type. Your lender's actual figures may differ, so compare it with the lender's quote. It is not financial advice.

How do fees and a down payment change the result?

A down payment is subtracted from the Loan amount. Fees you roll in are added to it, and they accrue interest like the rest. The Loan amount box in the results shows the amount financed after both.

What do the preset buttons do?

Each fills in Loan amount, APR and Term with a sample, such as Equipment $25K · 9% · 5yr, and sets the down payment and fees to zero. They are example figures to start from, not quoted rates.