How is the monthly payment calculated?

Using the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is number of payments.

Does this work for mortgages?

Yes. Enter the loan amount, annual interest rate, and term in years to see monthly payments for any type of loan.

No. This calculates principal and interest only. Property taxes and insurance are additional costs.

Calculate loan monthly payments, total interest and total cost. Free online loan calculator.

Loan Amount ($)

Interest Rate (%)

Term (years)

Monthly Payment

$1,580.17

Total Payment

$568,861.22

Total Interest

$318,861.22

Principal vs Interest

Principal: 43.9%Interest: 56.1%

Yearly Breakdown

Year	Principal	Interest	Balance
1	$2,794.31	$16,167.73	$247,205.69
2	$2,981.45	$15,980.59	$244,224.23
3	$3,181.13	$15,780.91	$241,043.10
4	$3,394.17	$15,567.87	$237,648.93
5	$3,621.49	$15,340.55	$234,027.44

Calculate monthly loan payments, total interest paid, and total cost for any loan amount, interest rate, and term.

Monthly payment

See your exact monthly payment amount.

Total interest

See how much you'll pay in interest over the loan term.

Amortization

Breakdown of principal vs. interest over time.