A fixed-payment loan calculator
Financed balance = max(0, loan amount + upfront financed fee − down payment). Monthly rate = APR ÷ 100 ÷ 12. Number of payments = term years × 12. Fixed payment = P × r ÷ (1 − (1 + r)^−n). If APR is 0, payment = P ÷ n. Total interest = payment × n − P.
For a $25,000 loan at 7.5% APR over 5 years, monthly rate = 0.075 ÷ 12 = 0.00625 and n = 60. The fixed-payment formula gives about $500.95 per month, with about $30,056.93 total paid and $5,056.93 interest before any fees or extra payments.
Master’s Tip: print the financed balance separately from the advertised loan amount. Fees, deposits and trade-ins change the balance, and that is the number the amortization formula actually uses.
Standard or basis: general fixed-rate amortization arithmetic for monthly payments. This is an educational estimate for quote comparison, budgeting and classroom records, not financial advice, credit approval, tax advice or a substitute for lender disclosures.
Methodology & Accuracy
CalculationTime pages are built around visible arithmetic: the formula, assumptions, worked example and practical limitations are shown so the result can be checked rather than simply trusted.
Financed balance = max(0, loan amount + upfront financed fee − down payment). Monthly rate = APR ÷ 100 ÷ 12. Number of payments = term years × 12. Fixed payment = P × r ÷ (1 − (1 + r)^−n). If APR is 0, payment = P ÷ n. Total interest = payment × n − P.
Standard or basis: general fixed-rate amortization arithmetic for monthly payments. This is an educational estimate for quote comparison, budgeting and classroom records, not financial advice, credit approval, tax advice or a substitute for lender disclosures.
Where a calculator follows a named legal, trade or industry standard, that standard is cited visibly. Otherwise the page uses transparent general arithmetic and states its limits.Master’s Tip: print the financed balance separately from the advertised loan amount. Fees, deposits and trade-ins change the balance, and that is the number the amortization formula actually uses.
Use the fixed-payment amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the financed balance, r is the monthly interest rate and n is the number of monthly payments.
If APR is 0%, the monthly payment is simply the financed balance divided by the number of payments. There is no interest in that simplified case.
Yes. A down payment lowers the financed balance before interest is calculated, so the monthly payment and total interest usually fall.
No. This calculator gives a deterministic estimate from visible inputs. Lender payoff quotes can include daily interest, fees, payment timing, insurance products, taxes or prepayment rules.
Print the loan amount, financed fee, down payment, APR, term, monthly payment, total paid, total interest, formula, assumptions, page URL, date and notes about the lender or quote being compared.
Loan payment arithmetic is a time-value-of-money problem: a lender advances money now and the borrower repays it over time. A clear record names the financed balance, rate and payment count before the monthly payment is trusted.
A quote can mention a sale price, deposit, fee and financed amount. The payment formula uses the financed balance, so the printable record separates those pieces instead of hiding them inside one number.
Monthly amortization estimates usually divide a nominal annual rate into monthly periods. Real lender disclosures may include different fee treatment, compounding conventions or day-count details.
Keeping payment, total interest, APR, term and notes on one page helps a borrower or student see what changed between two offers without rebuilding the calculation from memory.