Estimate loan payments and total loan cost.

APR vs interest rate

APR reflects the cost of borrowing plus required fees. If you are comparing offers, use APR so the comparison is apples-to-apples. For a plain-English breakdown, see loan terms explained.

• Use the APR from your loan offer, not a teaser rate.
• Fees paid out of pocket should not be added to the balance toggle.

Payment frequency impact

More frequent payments shrink the balance sooner. Pro tip: bi-weekly works well if you are paid every two weeks.

• Weekly and bi-weekly can shave off a few payments on long terms.
• Ask your lender how extra payments are applied.

How amortization works

Fixed-rate loans use level payments. Early on, most of each payment goes to interest because the balance is highest. As the balance drops, the principal share grows, which is why the lines cross on the chart.

Fees and taxes

Some loans roll upfront fees or taxes into the balance. Adding them here increases your starting balance and total interest.

• Only include fees if they are financed into the loan.
• Recurring taxes or insurance are not modeled here.

Check your loan estimate for the exact items included.

Example inputs to try

Use these to sanity-check your results before you tweak your own numbers.

• $20,000 at 6.5% for 5 years
• $8,500 at 9% for 3 years
• $32,000 at 4.9% for 6 years

Try the same loan at 36 vs 60 months to see how the interest total changes.

Limits and assumptions

Built for fixed-rate, fully amortizing loans.

• No variable-rate or interest-only loans.
• Payments are assumed to be on-time and consistent.
• Fees/taxes are modeled as one-time additions only.
• Use this estimate, then confirm with your lender's schedule.