Loan balance over time
Where your total payments go
Loan summary
Understanding your loan
What's the difference between APR and interest rate? ▾
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) also folds in lender fees, giving a fuller picture of the loan's true yearly cost. If you enter an origination fee paid upfront, this calculator shows both your stated rate and the resulting effective APR.
Does paying bi-weekly or weekly really save money? ▾
Yes — more frequent payments mean interest accrues on a slightly lower balance more often, and depending on your term, you may also make the equivalent of an extra payment or two per year. This calculator runs a true schedule for each frequency rather than approximating, so the numbers you see are exact.
Should I pay extra toward this loan? ▾
Extra payments go straight to principal, which reduces every future interest charge on that amount. Check the "Payoff accelerator" tab to see exactly how much time and interest your own extra payment would save — for loans with no prepayment penalty, it's almost always worth it if you can afford it.
What happens if I trade in a vehicle or put money down? ▾
Switch "Loan amount" to "Calculate from price" — your down payment and trade-in value are subtracted from the purchase price before tax and fees are added, so you finance only what's left.
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