Loan payment
Compare a fixed loan balance, rate and repayment period.
How this works
Standard fully amortizing fixed-rate monthly payment. The entered rate is a nominal annual interest rate, not an APR with fees. Optional extra payments shorten repayment. Upfront fees are added to cash cost, not financed.
Example
The illustration may use different inputs from the reproducible default inputs listed below.
For a $1,200 loan at 0% over 12 months, the scheduled payment is $100. Adding $100 monthly pays it off in 6 months; a $50 upfront fee makes total cash paid $1,250.
- Loan amount
- 20000 USD
- Annual interest rate
- 8 %
- Repayment period
- 60 months
- Extra monthly principal payment
- 0
- Upfront loan fee (not financed)
- 0
- Estimated monthly payment
- $405.53
Monthly schedule assumes fixed interest, payments at month-end and extra payments credited to principal. The last payment may be smaller.
Scope and assumptions
No variable rates, penalties or lender-specific rounding. The fee is not converted into an APR.
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