Fixed-rate loan
Finance calculator
Loan Calculator
Estimate fixed loan payments, total interest, total cost, payoff time and amortization. Add extra payments to see potential savings.
P r / (1 - (1+r)-n)
Balance over time
Payment breakdown
Payment is calculated from principal, periodic rate and number of payments.
Amortization schedule
| Payment | Payment amount | Principal | Interest | Balance |
|---|
Preview shows up to 72 payments. Estimates exclude fees, insurance, taxes and variable-rate changes.
Loan payment formula
| Term | Formula / meaning |
|---|---|
| Payment | P × r / (1 - (1 + r)-n) |
| P | Loan principal or amount borrowed. |
| r | Periodic interest rate: APR divided by periods per year. |
| n | Total number of payments. |
| Total interest | Total paid minus original principal. |
Example
A $10,000 loan at 6.5% for 5 years has an estimated monthly payment near $195.66.
Method, source and review
This is a fixed-rate, fully amortizing loan model. The entered annual rate is divided by the selected payment frequency, and extra payments reduce principal. Fees, insurance, taxes and lender-specific rules are excluded; the entered rate may not be the same as APR.
This estimate is not a loan offer or financial advice. Your lender's disclosures and contract control.
Loan calculator FAQ
How is a fixed payment calculated?
It uses principal, periodic rate and number of payments.
Do extra payments reduce interest?
Usually yes, because they reduce the balance earlier.
What is amortization?
It is the process of paying principal and interest over time.
Does this include lender fees?
No. Fees, insurance and taxes are not included.
Handy Tool Lab
How this tool is maintained
Handy Tool Lab builds and tests each tool around repeatable examples. Formula-based tools use published references when a suitable source exists; browser utilities are checked with representative inputs and output cases.