Loan Calculator
Estimate your monthly payment on a fixed-rate loan.
Enter your values to calculate your result.
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). If the rate is 0%, the payment is simply the loan amount divided by the number of payments.
Example
A $200,000 loan at 6% annual interest over 30 years has a monthly rate of 0.5% and 360 payments, giving a monthly payment of about $1,199.10 and total interest of about $231,676 over the life of the loan.
Frequently Asked Questions
Does this include property tax, insurance, or fees?
No — this calculates the principal-and-interest payment only. A mortgage-specific calculator that adds taxes and insurance is planned separately.
What if my interest rate is 0%?
The payment is simply the loan amount divided by the number of payments, with no interest added.