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DailyBox

Loan Calculator

Monthly payment, total interest and a full repayment schedule for any loan.

Inputs

Optional

Result

Enter your values to see the result.

How it works

A fixed-rate loan is repaid in equal monthly payments. Early payments are mostly interest; later ones are mostly principal. Add an extra monthly payment to see how much sooner you’d finish and how much interest you’d save.

  • i = annual rate ÷ 100 ÷ 12
  • payment = P × i ÷ (1 − (1 + i)^−n)
  • interest = balance × i (0% rate: payment = P ÷ n)

Assumptions

  • Interest is compounded monthly (annual rate ÷ 12) and payments are made at the end of each month.
  • The interest rate stays fixed for the whole term.
  • Each payment is rounded to the cent and the last payment is adjusted, so totals can differ by under about $1 from the unrounded formula.
  • Fees, insurance and taxes are not included unless you enter them. Your lender’s figures may differ slightly.

Every calculation runs in your browser. Nothing you enter is uploaded.

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