Free Loan Savings Calculator
Compare a 0% loan with a standard loan and see the estimated total savings.
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Estimate monthly payments, total interest, and a month-by-month payoff schedule.
Estimated payment
$264.36 per month, before any extra payment- Total paid
- $6,344.48
- Total interest
- $1,344.48
- Last payment
- November 2028
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Estimates for educational purposes only. Not financial advice. Actual terms depend on your lender.
How it works
For a fixed-rate loan, the monthly payment is M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is APR ÷ 12 ÷ 100, and n is the number of months. At 0% APR, M = P ÷ n.
For example, a $5,000 loan at 24% APR over 24 months has a scheduled payment of about $264.36. With monthly rounding, total interest is about $1,344.48. Fees and lender-specific rules are not included.
Frequently asked questions
How is the monthly payment calculated?
For a fixed rate loan, the calculator uses the standard amortization formula with the amount, monthly rate, and number of months. At 0% APR, it divides the loan amount by the term.
Does an extra payment lower my monthly payment?
The scheduled monthly payment stays the same. An extra amount goes toward principal each month and can shorten the payoff period and reduce interest.
Why can the last payment be different?
Interest and payments are rounded to cents each month. The final payment is adjusted to close the remaining balance exactly.
Are fees included in the estimate?
No. The estimate uses only the amount, APR, term, and optional extra payment. Ask your lender about fees and the actual payment schedule.
Is the payoff date guaranteed?
No. It assumes monthly payments start next month, the APR stays fixed, and payments are made on time. Actual lender schedules may differ.
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