Loans
Loan Calculator
Work out the true cost of any fixed-rate loan — personal, auto, student, or business. Enter the amount, rate, and term to see your monthly payment, total interest, and a year-by-year balance. Add an extra monthly payment to see how much faster (and cheaper) the loan disappears.
Applied straight to principal every month.
Monthly payment
$415.17
- Total interest
- $4,910
- Total paid
- $24,910
- Paid off in
- 5 years
Balance by year
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,317 | $1,665 | $16,683 |
| 2 | $3,628 | $1,354 | $13,056 |
| 3 | $3,968 | $1,014 | $9,088 |
| 4 | $4,340 | $642 | $4,747 |
| 5 | $4,747 | $235 | $0 |
How this calculator works
Payments come from the standard fully-amortizing formula. The schedule posts interest in exact cents each month; the final payment self-adjusts so principal sums exactly to the amount borrowed.
Extra payments are applied entirely to principal in the same month. Interest savings are the difference between your schedule and the no-extra baseline, computed with identical rounding.
Educational estimates only — actual offers depend on your credit profile and lender fees.
Try an example
Frequently asked questions
How is a loan payment calculated?
Fixed-rate loans use the amortization formula M = P × r(1+r)^n / ((1+r)^n − 1), where P is the amount borrowed, r the monthly rate (APR ÷ 12), and n the number of months. Early payments are mostly interest; the mix shifts toward principal as the balance falls.
Do extra payments really make a difference?
Yes — every extra dollar goes straight to principal, which shrinks the balance that next month's interest is charged on. On a $20,000 loan at 9% over 60 months, an extra $100/month saves roughly $900 in interest and pays the loan off about a year early. Run your own numbers above.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal; APR adds mandatory fees (like origination charges) and expresses the total as a yearly rate, which makes it the better number for comparing offers. For a no-fee loan the two are identical.
Is it better to choose a shorter term?
A shorter term raises the monthly payment but cuts total interest substantially, and lenders often price shorter terms at lower rates. Choose the shortest term whose payment fits comfortably in your budget — or keep the longer term and make extra payments for the same effect with more flexibility.
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Disclaimer: DayCents provides this calculator for educational purposes only. Results are estimates based on your inputs and the stated assumptions — they are not financial advice, a quote, or an offer of credit. Consult a qualified financial professional before making major money decisions.