Loan Payment Calculator
Calculate your monthly loan payment, total interest, and full payment breakdown.
Note: Results are estimates for educational purposes only. Consult a qualified professional before making financial decisions.
How to use
- Enter the loan amount you want to borrow.
- Enter the annual interest rate as a percentage (e.g. 6.5 for 6.5%).
- Choose whether your term is in years or months.
- Enter the loan term and click Calculate.
- Review your monthly payment, total interest, and amortization summary.
When people use this
- Planning a mortgage or home loan.
- Estimating car loan payments.
- Comparing personal loan offers from different lenders.
- Checking how much interest a loan will cost over its full term.
Examples
30-year mortgage. A $250,000 loan at 6.5% over 30 years gives a monthly payment of $1,580.17 and total interest of $318,861.20 — about 127.5% of the original loan.
5-year car loan. A $30,000 loan at 5.0% over 5 years (60 months) gives a monthly payment of $566.14 and total interest of $3,968.22.
2-year personal loan. A $10,000 loan at 8.0% over 2 years (24 months) gives a monthly payment of $452.27 and total interest of $854.47.
Frequently asked questions
What formula does this use?
It uses the standard amortizing loan formula M = P × r(1+r)^n / ((1+r)^n − 1), where r is the monthly rate and n is the number of payments.
Does this include taxes and insurance?
No. This calculator shows principal and interest only. Property tax, PMI, homeowners insurance, and HOA fees are not included.
Can I pay off a loan early?
This calculator assumes a fixed term and constant payments. Early repayment can reduce total interest, but some lenders charge a prepayment fee — check your agreement before assuming the savings.