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BORROWING · ON YOUR DEVICE

Loan calculator

Explore a fixed-rate loan with a monthly repayment schedule. See what an extra payment changes.

Your numbers

Example values are filled in. Replace them with your own.

Changes labels only. Amounts are not converted.

Your assumed nominal annual rate; calculated monthly.

12 months = 1 year. Maximum 600 months.

Your numbers stay in this tab.

EXAMPLE ESTIMATE

Your estimate

Enter your values and select Calculate.

Estimates use your assumptions. Calculations use unrounded values; displayed figures are rounded.

HOW IT WORKS

A useful estimate starts with clear inputs.

  1. Step 1

    Enter the amount borrowed, fixed annual rate and number of monthly payments.

  2. Step 2

    Optionally add an extra monthly payment to explore earlier repayment.

  3. Step 3

    Calculate, compare with the no-extra-payment case and download your schedule.

Worked example

At 0% interest, a 12,000 loan over 12 months has a 1,000 monthly payment before fees.

Calculation assumptions and limits

Fixed interest rate, interest charged monthly at annual rate ÷ 12, payments at the end of each month and extra payments applied to principal. The final payment may be smaller. Fees, insurance, taxes and early-repayment penalties are excluded. Actual lenders can use different interest and rounding conventions.

Can I use this with my local currency?

Yes. All inputs in one calculation must use the same currency. The currency selector changes number formatting and labels; it does not look up exchange rates or convert your amounts. Local loan rules and products may calculate costs differently.

Are my numbers saved?

No. Your inputs and results stay in this page’s memory. Reloading or leaving clears them. Download the CSV or print the result if you want a copy.

Learn more: CFPB: principal, interest and monthly payments. WORDMIO calculates locally using the assumptions above.

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Understand payments before comparing loan options

Enter a loan amount, fixed annual interest rate and term in months to see an estimated repayment schedule. Add an extra monthly payment to explore its effect on the outstanding balance and payoff time.

This model applies interest monthly and payments at the end of each month. Use the schedule to understand the assumptions and compare it with the figures supplied by your lender.

Free to use. No sign-up required.

How to use this tool

  1. Enter the loan amount, annual nominal interest rate and number of months.
  2. Add an extra monthly payment only if it is part of your plan.
  3. Calculate and download the repayment schedule to inspect balances and interest.

A practical example

With a 12,000 loan, 0% interest, a 12-month term and no extra payment, the scheduled monthly payment is 1,000 and total interest is zero, in whichever currency you selected.

Before you finish

The model assumes monthly periods and a fixed rate. Your lender may use different rounding, payment dates, fees or early-repayment charges.

Frequently asked questions

Does this include fees, insurance or taxes?

No. These costs and early-repayment penalties are excluded. Add the relevant costs when comparing a real offer; the estimate is not a lender quote.

How are extra payments applied?

The model applies your extra monthly payment to the principal. The final payment may be smaller. Real lenders can have different payment rules.

Can I use a different currency?

Yes. Choose a currency for formatting and enter all amounts in that currency. The selector does not convert money or fetch exchange rates.