Loan Calculator

Estimate your monthly payments, total interest, and total cost for any loan.

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How to Use

Enter the total loan amount you plan to borrow in dollars.
Enter the annual interest rate as a percentage (e.g., 6.5 for 6.5%).
Enter the loan term in years (e.g., 30 for a 30-year mortgage).
Click "Calculate" to see your estimated monthly payment, total interest, and total payment.

Frequently Asked Questions

What formula does this calculator use?

This calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the total number of payments.

Does this include taxes and insurance?

No. This calculator computes principal and interest only. Your actual monthly payment may be higher when property taxes, homeowner's insurance, and PMI are included.

Can I use this for different types of loans?

Yes. This calculator works for mortgages, auto loans, personal loans, student loans, and any other fixed-rate amortizing loan.

What if my interest rate is 0%?

If the interest rate is 0%, the calculator will simply divide the loan amount by the total number of months to determine the monthly payment, with zero total interest.