Enhanced Loan Calculator
A fuller picture of a loan: factor in an origination fee and extra monthly payments to see the true cost and your real payoff date.
A worked example
Running this tool on current national benchmarks (Federal Reserve / Freddie Mac via FRED (St. Louis Fed)) — swap in your own numbers to see how the result moves.
- Solve for
- Monthly payment
- Loan amount
- $30,000
- Interest rate
- 7.50%
- Loan term (years)
- 5
- Origination fee
- $600
- Extra monthly payment
- $0
$36,668 total cost including the $600 fee
- Loan amount$30,000
- Principal & interest$601.14
- Total interest$6,068
How the monthly payment changes with loan amount
Holding the other inputs at the example above, here is how the result moves as loan amount changes.
| Loan amount | Monthly payment | Loan amount |
|---|---|---|
| $15,000 | $300.57 | $15,000 |
| $30,000 | $601.14 | $30,000 |
| $60,000 | $1,202.28 | $60,000 |
| $120,000 | $2,404.55 | $120,000 |
The math behind it
This is a standard amortization with two real-world additions: an origination fee and an optional extra monthly payment. The payment is calculated by amortizing the loan amount at your rate over the term. The origination fee is added to total cost and treated as reducing the cash you actually receive, so the calculator also shows the fee as a percentage of cash in hand. Any extra payment is applied to principal, shortening the term and cutting interest. You can solve for the payment or for the loan amount a payment supports.
Assumptions & limits
- The origination fee is a cost on top of the loan, not financed into it — you repay based on the full loan amount but receive that amount minus the fee.
- The fee percentage shown is relative to the cash you actually receive after the fee, which is the honest way to compare offers.
- Extra monthly payments reduce principal directly, so they shorten the term and lower total interest.
- A fixed rate is assumed, and no other fees, insurance or taxes are included.
Common questions
How does the origination fee affect my real cost?
You repay interest and principal on the full loan amount, but you only receive the amount minus the fee. So the effective cost of borrowing is higher than the stated rate. The calculator expresses the fee as a percentage of the cash you actually get, which is the number to compare across offers — a low rate with a big fee can beat a higher-rate, no-fee loan or lose to it.
Should I pick a low rate with a fee or a higher rate with none?
It depends on the loan size and how long you keep it. A fee is a fixed upfront cost, so it hurts more on smaller or shorter loans. Run both as all-in totals here — the total cost line already includes the fee — and compare, rather than choosing on the headline rate alone.
Where do extra payments go?
Straight to principal. Because they cut the balance that all future interest is charged on, extra payments shorten the term and reduce total interest. Enter an amount to see how much it saves against the same loan with no extra payment.