Loan & Mortgage Calculator
Estimate your monthly payment, total interest, and total cost for any fixed-rate loan.
How to Calculate a Loan Payment
- Enter the loan amount (principal) you're borrowing.
- Enter the annual interest rate (APR) as a percentage.
- Enter the loan term in years.
- Read your monthly payment, total interest, and total cost — all three recalculate live as you adjust any field.
Frequently Asked Questions
What formula does this calculator use?
It uses the standard fixed-rate amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the total number of monthly payments (years times 12).
Does this calculator include property tax, insurance, or PMI?
No. It calculates only principal and interest on a fixed-rate loan — for a mortgage, your actual monthly payment will likely be higher once taxes, homeowners insurance, and any mortgage insurance are added.
What happens if I enter a 0% interest rate?
The calculator switches to a simple division of principal by the number of months, since the standard amortization formula involves dividing by zero when the rate is zero.
Is Total Interest the same as what I'd pay with a variable-rate loan?
No — this calculator assumes a fixed interest rate for the entire term. A variable or adjustable-rate loan's total interest would differ because the rate itself can change over time.
Is this financial advice?
No — this tool gives a mathematical estimate based on the numbers you enter. Actual loan terms, fees, and eligibility depend on your lender, so treat the result as a planning estimate rather than a loan offer.