Loan Calculator
Enter loan amount, interest rate and term to calculate your monthly payment and total interest.
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Loan Payment Formula
Monthly Payment = P × r(1+r)^n ÷ ((1+r)^n − 1)
Where P is the loan amount, r the monthly interest rate (annual ÷ 12), and n the total number of monthly payments.
Example
A $200,000 loan at 6% for 30 years:
- Monthly Payment ≈ $1,199.10
- Total Paid ≈ $431,676
- Total Interest ≈ $231,676
Frequently Asked Questions
With the standard amortization formula: Payment = P × r(1+r)^n ÷ ((1+r)^n − 1). The rate r is your annual rate divided by 12.
Shorter terms and lower rates reduce total interest dramatically. A 15-year term typically costs less than half the total interest of a 30-year term.
No, it calculates principal and interest only. Property taxes, insurance and fees are extra.
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