Enter Loan amount ($), Interest rate (%) and Loan term (months) and the remaining scenario settings to review payment per period with this tool. The recurring payment comes from the financed balance, periodic rate and number of payments.
We use standard amortization formulas to calculate your loan payments and total cost. Here's the math:
The loan formulas:
Key insight: Extra payments toward principal can save you thousands in interest and shorten your loan term significantly.
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
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Click "Calculate" to see your amortization schedule |
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Result = Financial inputs processed using the applicable rate, payment, compounding or cash-flow relationship shown by this calculator.The calculation links Loan amount ($), Interest rate (%) and Loan term (months) to payment per period. The recurring payment comes from the financed balance, periodic rate and number of payments. Extra principal can shorten the modeled payoff and reduce later interest.
Enter Loan amount ($), Interest rate (%) and Loan term (months) and the remaining scenario settings to review payment per period with this tool. The recurring payment comes from the financed balance, periodic rate and number of payments.
Compare loan payments, financing charges and extra-payment scenarios using the amount, rate and schedule entered. Use this page for an installment-financing estimate.
The recurring payment comes from the financed balance, periodic rate and number of payments. Extra principal can shorten the modeled payoff and reduce later interest.
Prepare Loan amount ($), Interest rate (%), Loan term (months), Payment frequency, Additional fees ($) and Extra payment ($). Enter loan principal, annual rate, term in months and payment frequency; compare the same loan with and without an extra payment.
The recurring payment comes from the financed balance, periodic rate and number of payments. Extra principal can shorten the modeled payoff and reduce later interest. Fixed-rate installments do not cover every financing agreement. Fees, payment frequency, rate changes and lender allocation of extra payments can change the result.
Use the full settings in the worked-example table. They produce Payment Per Period: $777.66; Total interest: 2995.60. Compare the method and units as well as the displayed number.
The displayed relationship is Result = Financial inputs processed using the applicable rate, payment, compounding or cash-flow relationship shown by this calculator. Enter loan principal, annual rate, term in months and payment frequency; compare the same loan with and without an extra payment.
Fixed-rate installments do not cover every financing agreement. Fees, payment frequency, rate changes and lender allocation of extra payments can change the result. For a transaction or account decision, compare the inputs with the applicable statement, contract or official rules.
Worked finance calculator example. Set Loan amount ($) = 25000; Interest rate (%) = 7.5; Loan term (months) = 36 months; Payment frequency = Monthly; Additional fees ($) = 0; Extra payment ($) = 0. The corresponding output is Payment Per Period: $777.66; Total interest: 2995.60. The recurring payment comes from the financed balance, periodic rate and number of payments.
Compare loan payments, financing charges and extra-payment scenarios using the amount, rate and schedule entered. Use this page for an installment-financing estimate.
Enter loan principal, annual rate, term in months and payment frequency; compare the same loan with and without an extra payment.
| Field | Example value | Entry check |
|---|---|---|
| Loan amount ($) | 25000 | Use the amount for this scenario in the currency and period shown by the field. |
| Interest rate (%) | 7.5 | Enter a percentage in the form requested by the field, keeping its stated time basis. |
| Loan term (months) | 36 months | Use the period unit in the field label; months and years are not interchangeable. |
| Payment frequency | Monthly | Check the selected interval against the payment, deposit or growth assumptions. |
| Additional fees ($) | 0 | Check whether this amount is one-time, monthly or annual before entering it. |
| Extra payment ($) | 0 | Use the amount for this scenario in the currency and period shown by the field. |
Relationship used for this example: Result = Financial inputs processed using the applicable rate, payment, compounding or cash-flow relationship shown by this calculator.
The recurring payment comes from the financed balance, periodic rate and number of payments. Extra principal can shorten the modeled payoff and reduce later interest.
| Output | Displayed result |
|---|---|
| Payment Per Period | $777.66 |
| Total interest | 2995.60 |
With these settings, payment per period is $777.66. Use the same units and calculation mode when reproducing this example.
The recurring payment comes from the financed balance, periodic rate and number of payments. Extra principal can shorten the modeled payoff and reduce later interest. Fixed-rate installments do not cover every financing agreement. Fees, payment frequency, rate changes and lender allocation of extra payments can change the result.
Replace the illustrative loan amount ($) value (25000) with your own value, then complete the other inputs for the same scenario. Enter loan principal, annual rate, term in months and payment frequency; compare the same loan with and without an extra payment.