Loan / Mortgage Payment Calculator
Enter the loan amount, annual interest rate and term to see your monthly payment, total interest and total cost of the loan.
Monthly payment
1,688.02
Total interest
256,405.37
Total repaid
506,405.37
Formula
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), r = monthly rate, n = monthsHow to use the Loan / Mortgage Payment Calculator
- 1Enter the loan amount (principal)
- 2Enter the annual interest rate and term in years
- 3Review the monthly payment and total interest
Frequently Asked Questions
How is a monthly loan payment calculated?
Lenders use the amortization formula: M = P·r(1+r)ⁿ/((1+r)ⁿ−1), where r is the monthly rate and n the number of payments.
Does a longer term cost more?
A longer term lowers the monthly payment but increases total interest paid over the life of the loan.