How to Use This Loan Calculator

Enter your loan amount, annual interest rate, and loan term to instantly see your monthly payment, total interest, and total cost of the loan. You can switch between months and years for the loan term, and optionally add an extra monthly payment to see how much you can save in interest and time.

How Extra Payments Help

Making extra payments on your loan reduces the principal balance faster, which means less interest accrues over time. Even a small extra payment each month can save you thousands of dollars in interest and shave months or years off your loan. The calculator shows you exactly how much you save.

Tips for Managing Your Loan

• Compare offers from multiple lenders to get the best rate
• Consider a shorter loan term if you can afford higher monthly payments
• Set up automatic payments to avoid late fees
• Apply any windfalls (bonuses, tax refunds) as extra payments
• Refinance if rates drop significantly below your current rate