How to use this loan simulator
Enter the purchase price, the down payment you plan to make, the number of monthly installments, and the monthly interest rate. The simulator estimates the financed amount, fixed monthly payment, total interest, and total amount paid. The payment schedule shows how much of each installment reduces the loan balance and how much goes to interest.
Fixed-payment amortization method
This estimate uses a fixed-payment amortization formula. Monthly interest is calculated on the remaining balance, so the interest portion usually decreases as the principal portion increases. A zero interest rate divides the financed amount evenly across the installments.
Estimate only
Actual loan offers can include taxes, insurance, fees, and other charges that are not included here. Lenders may use different rates, rounding rules, and repayment methods. Compare the simulator with the lender’s complete payment schedule before making a decision.