1. Enter your loan terms
Amount borrowed, annual interest rate, term in years, first payment date, and how often you pay.
Simple inputs, clear answers
How It Works
No black boxes. Here is exactly how every number on this site is produced.
2. We compute the level payment
The periodic rate is the annual rate divided by the number of payments per year. The payment is P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1). At a 0% rate the payment is simply the balance divided by the number of payments.
3. We build the schedule period by period
Each period charges interest on the outstanding balance; the rest of the payment reduces principal. The final payment is capped so the balance lands exactly on zero — never negative.
4. Extra payments are applied on top
Any extra amount goes straight to principal each period, shortening the term. We compare that run against the regular run to report interest saved, payments saved and time saved.