Professional US Loan Simulator
Estimate monthly payments, APR, and total cost. Export a full amortization schedule.
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Bank of America
Monthly Payment
$0.00
estimate
APR
0.00%
Total Cost
$0.00
Adjusted Rate
0.00%
Understanding Your Loan Estimate
Our LoanPro calculator breaks down your loan into clear, actionable figures. Follow the steps below to see how we arrive at your monthly payment, APR, and total cost.
1. Enter Your Loan Details
- Select the loan type (Mortgage, Personal, Auto, Business) to load the correct input fields.
- Set the duration in years and your FICO credit score.
- Toggle the Auto‑Pay Discount if you plan to set up automatic payments (saves you 0.50%).
- Provide the principal amount (home price, requested funds, vehicle cost, or business loan size).
- Choose a down payment percentage or profile tier for mortgage loans.
- Pick a bank to compare their current interest rates.
2. How We Calculate Your Payment
We use the standard amortization formula to compute your fixed monthly payment:
M = P × r × (1 + r)n ÷ [(1 + r)n − 1]
where
- M = monthly payment
- P = principal loan amount after down payment
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)
3. Interpreting Your Results
- Monthly Payment: What you’ll pay each month, including principal and interest.
- APR (Annual Percentage Rate): Your true yearly cost including fees and discounts.
- Total Cost: Sum of all payments over the lifetime of the loan.
- Adjusted Rate: Final interest rate after applying any auto‑pay discount or credit-score adjustments.
4. Viewing the Amortization Schedule
Click “Show Amortization Schedule” to see a month‑by‑month breakdown of principal vs. interest. You can also export this table as a CSV for your records.
Pro Tip: Increasing your down payment by just 5% can significantly lower your total interest
paid. Always compare multiple banks to find the best APR for your credit score!