| Loan amount | APR | Term | Fees | Extra | Total interest | Total paid (all-in) |
|---|---|---|---|---|---|---|
| $25,000.00 | 9.500% | 60 months | $500.00 | $0.00 | $6,600.00 | $32,100.00 |
| $40,000.00 | 6.250% | 84 months | $900.00 | $50.00 | $8,000.00 | $48,900.00 |
Periodic Rate r = (1 + EAR)1/p − 1
Adjusted PV = PV − Balloon PV
Payment = r × Adjusted PV / (1 − (1 + r)−n)
- Enter the loan amount, APR, and term in months.
- Choose payment and compounding frequencies to match your offer.
- Add fees to see true all-in cost; optionally roll fees into the balance.
- Use extra payments and interest-only counts to model real repayment plans.
- Click Calculate, review totals, then download CSV or PDF.
Loan cost components
Every loan’s total cost combines principal, interest, and fees. For example, a $25,000 balance at 9.5% over 60 months can produce about $6,600 in interest, bringing payments near $31,600. Add $500 in fees and the all-in cost approaches $32,100. This calculator separates these parts so you can see what you borrow, what you repay, and what fees add.
How payment frequency changes totals
Frequency affects timing, not just count. Monthly payments create 12 periods per year, while biweekly creates 26 and weekly creates 52. With the same APR, more frequent payments reduce average balance sooner, which can lower interest. A 60‑month term converts to roughly 130 biweekly payments or 260 weekly payments. This tool rebuilds the schedule so totals reflect your exact frequency.
Fees and effective rate
Fees change the rate you truly pay. If $500 is paid upfront on a $25,000 loan, net proceeds are $24,500, but payments still reflect $25,000 interest math. Rolling fees into the balance increases interest because you finance them. The calculator estimates an effective APR using cashflows (IRR), summarizing how fees and payment timing reshape borrowing cost.
Extra payments and payoff timing
Even small extras can shift totals. Adding $50 per period can shorten payoff and reduce interest because principal falls faster. The schedule ends early when the balance reaches zero, and the chart shows the payoff point moving left. If you use interest‑only payments first, extra payments later become even more valuable because they counter delayed principal reduction.
Reading the schedule before signing
Use the schedule to check affordability and risk. Review the first rows to confirm interest vs principal behavior, then scan the ending to see any balloon payoff. Compare “total interest paid” and “total paid all‑in” across scenarios, such as fees rolled vs paid upfront. Download the CSV to keep a dated record for comparing lender offers and negotiating terms.
1) What does “total cost” include here?
It includes all scheduled payments plus any upfront fees you enter. If you roll fees into the balance, the cost is reflected through higher payments and interest instead of upfront cash.
2) Why is effective APR sometimes higher than nominal APR?
Upfront fees reduce your net proceeds while payments stay similar, increasing the implied rate. The calculator estimates this using cashflows, so the effective APR reflects fees and timing together.
3) How do interest-only payments affect totals?
During interest-only periods, the balance typically stays flat, so interest remains higher for longer. That usually increases total interest unless you add extra payments or shorten the remaining term.
4) What happens if I enter a balloon payment?
The schedule targets a remaining balance and shows a final lump sum at the end. If extra payments reduce the balance faster, the balloon may become smaller or disappear.
5) Should I roll fees into the balance?
Rolling fees lowers upfront cash but increases the financed balance, which can raise interest over time. Compare both scenarios using the all-in total and the effective APR summary.
6) Is this an official quote from a lender?
No. It’s an estimate based on your inputs and standard amortization math. Lenders may use different day-count rules or rounding, so use this for comparison and planning.