Loan Calculator
Estimate your monthly payments and total interest to make an informed borrowing decision.
Loan Details
Enter the details for this scenario to calculate payments.
Extra payments (active)
Amortization Schedule
Estimated payoff date: —
| Payment Date | Payment | Principal | Interest | Total Interest | Balance |
|---|
Go back to Loan Details and enter a loan to generate the amortization schedule.
Results Summary
| Metric | Scenario A | Scenario B | Scenario C |
|---|
Loan Comparison
Side-by-side breakdown of each loan's costs
Cost Breakdown
How much goes to principal vs interest for each loan
Go back to Loan Details and include scenarios to see results.
Illustrative only. Estimates assume a fixed rate and monthly compounding, and are not an offer of credit. Final terms depend on underwriting and your overall credit profile.
Frequently asked questions
How is a commercial loan monthly payment calculated?
The monthly payment on an amortized loan is P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. For example, a $100,000 loan at 6.5% over 60 months costs about $1,956.61 per month.
What does an amortization schedule show?
An amortization schedule breaks every payment into principal and interest and shows the remaining balance after each one. Early payments are mostly interest; the principal share grows over time until the balance reaches zero at the payoff date.
How do extra payments reduce total interest?
Extra payments apply directly to principal, so every dollar paid early stops accruing interest for the rest of the term. Even a modest recurring extra payment can shorten the payoff date by months or years; the calculator shows the interest saved and the new payoff date.
Can I compare more than one loan scenario?
Yes. The calculator supports three side-by-side scenarios (A, B, and C) so you can compare different amounts, rates, and terms, including their total interest, total cost, and payoff dates.