Loan Payment Calculator

Enter the amount, interest rate and term to see your monthly payment and how much interest you will pay in total.

How it works

A fixed-payment (amortizing) loan uses the formula P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of months. Early payments are mostly interest; later payments are mostly principal.

A flat-rate loan charges interest on the original amount for the whole term, so its effective annual rate is roughly double the quoted rate.

Frequently asked questions

How is a monthly loan payment calculated?
Divide the annual rate by 12, then apply the amortization formula to the amount and number of months. A $250,000 mortgage at 6.5% for 30 years is about $1,580 a month.
How can I pay less interest?
Choose a shorter term, make extra principal payments, or refinance when rates drop.
Does this include taxes and insurance?
No. Property tax, insurance and fees are extra.