About LoanEssy
LoanEssy is an independent educational website that offers free calculators and plain-English guides to help people in the United States understand the cost of borrowing. Our tools are designed for estimates and scenario planning; they are not loan offers or individualized financial advice.
What we do
We cover installment loans, mortgages, auto loans, personal loans, credit-card and debt payoff, refinancing and compound interest. Every calculator shows its inputs and results openly so you can see how rate, term and amount change what you pay.
How the calculations work
Fixed-rate loan payments use the standard amortization formula: payment = P × r ÷ (1 − (1 + r)−n), where P is the amount financed, r is the monthly rate (APR ÷ 12) and n is the number of monthly payments. Payoff times are found by simulating each month's interest and payment. All calculations run in your browser; we do not receive the numbers you enter.
Limits of an estimate
Real loans can include fees, daily interest accrual, varying payment dates, escrow changes or variable rates. Always confirm the final terms in the lender's official disclosures. LoanEssy is not a lender, broker or financial adviser and does not take applications.
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