Loan Calculator

Loan Calculator – Quick Cheat Sheet

• Monthly payment (fixed-rate): M = P·r·(1+r)^n / ((1+r)^n − 1)
• Where: P = principal, r = APR/12 (as a decimal), n = total months.
• 0% APR: M = P / n (no interest).
• Amortization: each payment covers that month’s interest (balance × r) and the rest reduces principal.
• Extra monthly payment: applied to principal after scheduled interest → faster payoff & less total interest.
• Rounding: lenders may round per-payment to cents; totals can differ slightly vs. pure math.