Loan Calculator
Work out your monthly payment, total interest, and payoff date for any fixed-rate loan — mortgage, auto, personal, or student. See a full amortization schedule and how much extra payments save you.
Now see it against your real money
A loan payment is one line in your budget. Savvu forecasts your actual account balances months ahead — so you can see whether that extra payment still leaves you covered. No bank linking required; your data stays yours.
Try Savvu free →How this loan calculator works
Every fixed-rate loan is amortized: you make the same payment each month, but the split between interest and principal shifts over time. Early on, most of the payment is interest; near the end, most is principal.
The monthly payment formula
The payment is M = P · i / (1 − (1 + i)−n), where P is the amount borrowed, i is the monthly rate (your APR ÷ 12 ÷ 100), and n is the number of months. Each month, interest is charged on the remaining balance, and whatever's left of your payment reduces the principal.
Why extra payments help so much
Extra payments go entirely to principal, so the balance — and the interest it accrues — drops faster every month after. Add even a small extra amount above and watch the total interest and payoff date fall.
Tips for using it
- Use your loan's APR, not a promotional teaser rate, for an accurate picture.
- Compare terms: a shorter term means a higher payment but far less total interest.
- Try rounding your payment up to the next $50 or $100 in the "extra" field to see the effect.
This calculator is for general information only and is not financial advice. Results assume a fixed rate and consistent monthly payments.