How to use this calculator
How the payment is calculated
We use the standard fixed-rate amortization formula with an annual interest rate divided into twelve monthly periods. When the rate is zero, the monthly payment is simply principal divided by number of months.
What extra payments change
Any additional amount is applied to the remaining principal after interest. The model repeats monthly until the balance is zero. Extra payments shorten the term and can lower total interest; the final payment can be smaller.
What is not included
This calculator does not include origination fees, taxes, insurance, changing interest rates, prepayment penalties or lender-specific payment rules. It estimates a fixed-rate amortizing loan, not a revolving credit balance.
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