Calculate loan

Estimate the fixed monthly payment and scheduled interest for a fully amortizing loan.

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ToolLoan Calculator
Input
Output
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How it works

The monthly payment uses P × r(1+r)^n ÷ ((1+r)^n−1), with annual rate divided by 12 and years multiplied by 12. Total interest is all scheduled payments minus principal; fees, insurance, taxes, and overpayments are excluded.

  • A 30-year term and 5% annual rate illustrate a fixed monthly loan.
  • A zero rate uses principal ÷ payment count instead of the zero-rate formula.

Worked example

30-Year Mortgage
Calculate monthly payments on a $300,000 mortgage at 6.5%
Input
											Principal: 300000
Annual rate: 6.5
Years: 30
Output
												Loan Amount: $300000.00
Annual Rate: 6.50%
Term: 30 years (360 months)

Monthly Payment: $1896.20
Total Payment: $682633.47
Total Interest: $382633.47

When to use this

Borrowers compare term lengths, mortgage worksheets separate principal from interest, and auto-loan reviews test total scheduled cost.

Edge cases

  • A zero-interest loan needs the linear principal ÷ payment-count result.
  • Variable rates, balloon payments, interest-only periods, and negative amortization do not follow this model.
  • APR can exceed the entered interest rate because fees are excluded.

References