Loan Calculator

The monthly payment uses the standard amortization formula: payment = amount × r ÷ (1 − (1 + r)−n), where r is the APR divided by 12 and n is the number of months. At 0% the payment is the amount divided by the months.

Each month's interest is the balance times r, rounded to the cent, and the rest of the payment pays down the balance. Because the payment is rounded to the cent, the last one is adjusted so the balance ends at exactly zero.

An extra payment goes straight to the balance every month, so the loan ends sooner and costs less interest; Details shows how much less and how many months sooner. The payoff date counts from a first payment one month from today.

Your last loan is saved on this device so you can come back to it. Clear all empties it, and Undo brings it back.