Mortgage
Calculator
Full monthly payment with taxes.
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Loans — General
Loan Calculator
Enter the amount, rate and term to get your monthly payment, total interest and total repaid.
Monthly payment
—
What you pay each month.
| Total principal | — |
|---|---|
| Total interest | — |
| Total paid | — |
| Number of payments | — |
Show our math
Enter your figures above to see the step-by-step working.
Everything computed client-sideEverything computed client-side — nothing leaves this page
How the Loan Calculator Works
This calculator finds the fixed monthly payment on an amortizing loan — the kind where you pay the same amount every month and the balance reaches zero at the end of the term. Enter the amount you are borrowing, the annual interest rate and the term, and it returns the payment, the total interest and the total you will repay.
The payment comes from the standard amortization formula, which spreads principal and interest so that each identical payment covers the interest due that month and chips away at the balance. Early on, most of the payment is interest; later, most is principal.
payment = L × i × (1+i)n ÷ ((1+i)n − 1)
Frequently Asked Questions
What is APR versus interest rate?
The interest rate is the cost of borrowing the principal; APR also folds in certain fees, so it is usually a little higher. This calculator uses the rate you enter as the nominal annual rate, compounded monthly.
Does a longer term save money?
A longer term lowers the monthly payment but increases the total interest, because you owe the balance for longer. A shorter term costs more each month but far less overall.
What is total interest?
It is everything you pay above the amount you borrowed — the number of payments times the monthly payment, minus the original loan. It is the true price of the loan.
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I = P × r × t.
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