Loan Calculator
Calculate monthly loan payments, total interest, and total cost.
Works for mortgages, car loans, personal loans, and more.
Monthly Payment
The monthly payment for a fixed-rate loan is calculated using the formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments (years × 12)
For example, a $250,000 loan at 6.5% annual interest for 30 years:
- Monthly rate = 6.5% / 12 = 0.5417%
- Number of payments = 30 × 12 = 360
- Monthly payment = $1,580.17
- Total paid = $568,861.20
- Total interest = $318,861.20