Loan & Mortgage Calculator
Monthly payment, total interest and total cost — updates as you type.
Monthly payment
$—
Total interest
$—
Total cost
$—
How loan payments work
A fixed-rate loan is amortized: you pay the same amount every month, but early payments are mostly interest and later ones are mostly principal. The monthly payment comes from this formula:
M = P · r · (1 + r)^n / ((1 + r)^n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). This calculator covers principal and interest only — property tax, insurance and fees are separate. To compare rates or work out a down-payment percentage, try our percentage calculator.
Loan calculator FAQ
How is a monthly loan payment calculated?
It uses the amortization formula M = P·r·(1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
Does this include taxes and insurance?
No. It calculates principal and interest only. Property tax, insurance and fees are not included.
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