Extra-payment scenario
Add a recurring overpayment and see the revised payoff result.
LoanMap • Fixed-rate loan estimate
$Loan Payment and Interest Calculator
Estimate monthly payments, total interest and payoff cost for a fixed-rate loan.
Top toolThree ways it saves you time
Interest saved
Compare the baseline loan with the accelerated repayment plan.
Payoff timeline
Visualize the shortened term and the number of months recovered.
Estimated monthly payment
313.360.00 interest saved0 months saved36 payments to payoff
New payoff timeline vs original 36 months
Using this tool
Compare the full cost, not just the payment
Enter the amount borrowed, annual interest rate and loan term. LoanMap estimates equal monthly payments for a standard fixed-rate loan, plus the total amount repaid and interest over the full term.
Reading the output
A lower payment can cost more over time
A three-year 10,000 loan
A 10,000 loan at 8% annual interest over three years has an estimated monthly payment of about 313.36, for total interest of about 1,281.
Equal monthly payment formula
Monthly payment = principal times monthly rate divided by (1 minus (1 plus monthly rate) raised to the negative number of payments).
Check the lender's actual offer
- Compare the annual percentage rate, fees and insurance, not only the monthly payment.
- A longer term can lower the payment while increasing total interest.
- Check the lender's actual schedule before signing; this is an estimate.
Before relying on the result
Rates, fees and zero-interest loans
Does this include fees or insurance?
No. It estimates principal and fixed interest only. Lender fees, insurance, taxes and changing rates can raise the real cost.
What happens at 0% interest?
The calculator divides the loan amount evenly across the number of monthly payments.