Loan Payment Calculator
Enter a loan amount, annual interest rate, and term to get the fixed monthly payment, total interest paid, and total cost over the life of the loan.
Principal and interest only — taxes, insurance, and fees are not included.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: payment = P·r / (1 − (1+r)⁻ⁿ), where P is the amount borrowed, r the monthly rate, and n the number of monthly payments. Early payments are mostly interest; later ones mostly principal.
Does this include taxes and insurance?
No — it computes principal and interest only. For a mortgage, add property tax, homeowner's insurance, and any PMI to estimate the full monthly outlay.
How much does the rate matter?
A lot on long terms: on a 30-year $300,000 loan, each percentage point of rate changes the monthly payment by roughly $180–200 and total interest by tens of thousands of dollars.