Loan & Mortgage Payment Calculator
Work out the monthly payment, total interest and total cost of any loan or mortgage.
This loan calculator works out the monthly payment on any fixed-rate loan or mortgage, along with the total interest you will pay and the total cost over the life of the loan. Enter the amount you are borrowing, the annual interest rate (APR) and the term in years.
The monthly payment is calculated with the standard amortization formula. Early payments are mostly interest and later payments are mostly principal, but the amount you pay each month stays the same for a fixed-rate loan. Lowering the rate or shortening the term both reduce the total interest.
How to use it
- 1Enter the loan amount and choose your currency.
- 2Type the annual interest rate (APR) as a percentage.
- 3Set the term in years — 30 for a typical mortgage, 5 for a car loan.
- 4Read your monthly payment, total interest and total cost.
Frequently asked questions
How is the monthly loan payment calculated?+
It uses the amortization formula M = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (APR ÷ 12 ÷ 100) and n is the number of monthly payments. For a 0% loan it is simply the principal divided by the number of months.
Does this include taxes, insurance or fees?+
No. It calculates principal and interest only. For a full mortgage payment you would add property tax, homeowners insurance and any HOA or PMI amounts on top.
What is APR?+
APR (annual percentage rate) is the yearly interest rate on the loan. This calculator divides it by 12 to get the monthly rate used in the payment formula.
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