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Loan/Mortgage Calculator

Calculate monthly payments, total interest, and full cost breakdown for loans and mortgages.

Calculate monthly payments, total cost, and interest for any loan or mortgage

Monthly Payment
Enter loan details to calculate
This calculator uses standard amortization formula. Actual payments may vary based on fees, insurance, and taxes. Consult a financial advisor for personalized advice.

How to Use This Tool

  1. 1

    Enter the loan principal

    Type the total amount you plan to borrow. This is the base amount before any interest.

  2. 2

    Set the annual interest rate

    Enter the yearly interest rate as a percentage (e.g., 5.5 for 5.5%). The calculator converts it to a monthly rate automatically.

  3. 3

    Specify the loan term

    Enter the number of years over which you will repay the loan. You can use decimals for partial years.

  4. 4

    Review the breakdown

    Instantly see your monthly payment, total payment, and total interest paid, along with a visual bar showing the principal-to-interest ratio.

Frequently Asked Questions

What formula does this loan calculator use?
It uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly interest rate, and n is the total number of payments.
Can I calculate a zero-interest loan?
Yes. If you enter 0% interest, the calculator simply divides the principal by the number of months to give you equal payments with no interest cost.
Does this include taxes or insurance?
No. This calculator computes principal and interest only. Property taxes, insurance, and other fees (common in mortgage payments) are not included.
How accurate is the monthly payment estimate?
The calculation is mathematically exact for fixed-rate loans with equal monthly payments. Actual loan terms may vary due to fees, compounding differences, or variable rates.