About the Loan Calculator
A loan is one of the few big financial decisions where five minutes with a calculator can save you thousands. The monthly payment formula is fixed, but the trade-offs — shorter term versus lower payment, extra payments versus investing the money — are yours to explore.
The extra-payment simulation on this page runs a real month-by-month amortization, the same way your bank does, so the interest saved and payoff time reflect what actually happens to your balance, not a rough approximation.