Loan Calculator
Estimate the monthly payment for a loan or mortgage using the standard amortization formula, and see how much of the total cost is interest.
Monthly payment
How to use
- Enter the loan amount.
- Enter the annual interest rate and the term in years.
- Read your monthly payment, total interest and total repayment.
Frequently asked questions
What formula does this calculator use?
The standard amortizing payment formula: payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r the monthly rate and n the number of months. This is the same method most banks use.
Does it include fees or insurance?
No. The result covers principal and interest only. Taxes, insurance and setup fees vary by lender and are not included.
How can I pay less interest overall?
Interest shrinks when you shorten the term or pay extra each month. Even one extra payment per year on a long loan can cut years of interest from the total.
Is the monthly payment fixed for the whole term?
This calculator assumes a fixed rate for the entire term, which matches most personal loans and fixed-rate mortgages. Variable-rate loans can move up or down over time.