What does the Loan Calculator do?
It converts the entered loan assumptions into payment, interest, total cost, and schedule-style outputs using deterministic formulas.
Finance Calculator
Loan Calculator
Estimate a general fixed-rate amortized loan with payment frequency, fees, extra payments, schedule, annual summary, and CSV export.
Last reviewed: June 21, 2026Loan method set v1.0.0Finance method set v1.0.0: fixed-payment, amortization, payoff, comparison, flat-rate, and simple-interest formulas
What the Loan Calculator does
The Loan Calculator models a fixed-rate amortized loan with optional fees, payment frequency, extra principal, schedule rows, and total modeled cost.
How to use the Loan Calculator
Enter the values that describe the loan or interest scenario, then review the result, schedule, warnings, and assumptions before using the number.
- Enter principal, rate, term, and payment frequency.
- Add upfront or financed fees.
- Add extra principal payments if relevant.
- Download CSV for schedule review.
Formula
Payment uses M = P x r x (1 + r)^n / ((1 + r)^n - 1); schedule interest equals opening balance times periodic rate.
Variables
The calculator uses the following variables in its formula layer.
- P = financed principal
- r = periodic rate
- n = total payments
- M = scheduled payment
Assumptions
These assumptions keep the calculation deterministic and transparent.
- Fixed rate.
- Extra payments reduce principal only.
- Fees are modeled as entered and are not APR.
Calculation steps
NexaCalc applies the formula in a fixed sequence so the output can be tested and repeated.
- Add financed fees to principal.
- Calculate payment.
- Generate amortization rows.
- Summarize total interest, payments, and fees.
Worked examples
A 100,000 loan at 8% for five years has a monthly payment around 2,028 before fees.
A financed fee increases the principal used in the formula.
A recurring extra principal payment shortens payoff only if the lender applies it to principal.
Result interpretation
The result shows payment and modeled borrowing cost, not credit approval or loan suitability.
Limitations
The result is a model, not a lender quote or official disclosure.
- No daily accrual.
- No tax advice.
- No lender-specific fee rules or prepayment penalties.
Frequently asked questions
Is the interest rate the same as APR?
No. The entered rate is used for the modeled interest calculation. APR may include other costs and lender disclosure rules.
Why can my lender's numbers differ?
Lenders can use different accrual conventions, rounding, fee timing, payment posting rules, taxes, insurance, and legal disclosures.
Does changing currency convert the amount?
No. Currency changes formatting only. NexaCalc does not fetch exchange rates or convert values.
Can I use this for approval decisions?
No. The calculator does not estimate eligibility, creditworthiness, approval probability, or suitability.
Are extra payments guaranteed to save interest?
The model applies extra payments to principal, but actual savings depend on lender prepayment terms and posting rules.
Does the schedule use daily accrual?
No. The amortization schedule uses periodic interest based on the selected frequency unless the page explicitly uses simple-interest day counts.
Is this financial advice?
No. It is a general education calculator and should be checked against lender disclosures and qualified advice when decisions matter.
References
Financial disclaimer
This calculator is for general educational use only. It is not financial, legal, tax, lending, or investment advice. Lender disclosures, compounding conventions, fees, taxes, insurance, prepayment rules, and local regulations can change actual loan costs.