Show the month-by-month payoff schedule
| Month | Payment | Interest | Principal | Balance |
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How the calculator works
It uses the standard amortization formula lenders use for fixed-rate installment loans: each payment is the same, but early payments cover more interest and later ones more principal. The schedule shows exactly how that shifts month by month.
Why the origination fee matters
Many lenders subtract the origination fee from your loan before depositing it. On a $1,500 loan with a 5% fee, you'd receive $1,425 but repay the full $1,500 plus interest. If you need a specific amount in hand, request a little more to cover the fee, or look for a lender that doesn't charge one.
Reading the results
- Monthly payment: make sure it fits comfortably after rent, bills, and savings.
- Total interest: the real price of borrowing; compare this between offers.
- Total repaid: everything you'll pay back over the life of the loan.
- Cash you receive: what lands in your account after any upfront fee.
Estimates, not offers
Your actual rate depends on the lender, your state, and your full application. Use the calculator to plan, then compare real offers by APR and total repaid.
Common questions
Is the calculator's APR the same as my interest rate?
The calculator treats the rate you enter as the loan's yearly rate and adds any origination fee separately. On a real offer, compare the lender's disclosed APR, which already folds in required fees.
Why does a longer term cost more if the payment is lower?
You're paying interest for more months. Stretching a $1,500 loan from 12 to 24 months lowers each payment but can add well over a hundred dollars of interest at typical rates.
See what you could borrow
Loans from $200 to $5,000. Checking your rate won't affect your credit score.