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Loan Payment Calculator

Calculate a loan’s monthly payment and total interest from its rate and term, in your browser.

Monthly payment

1199.10

Total cost

431676.38

Total interest

231676.38

How it works

A fixed-rate loan spreads principal and interest into equal payments using the standard amortization formula. Early payments are mostly interest and later ones are mostly principal, but the total payment amount stays the same every month for the life of the loan.

Why total interest can exceed the loan amount

Stretching a loan over a longer term lowers the monthly payment, but interest keeps accruing on the remaining balance for longer — so a longer term can mean paying significantly more in total interest, even at the same rate.

What is not included

This covers principal and interest only. Real loans, especially mortgages, often bundle in property tax, insurance, or fees that add to the actual monthly payment beyond what this calculates.

Frequently asked questions

What formula does this use?

The standard fixed-rate amortization formula, which spreads principal and interest into equal monthly payments over the loan’s term — the same calculation banks use for mortgages, auto loans, and most fixed personal loans.

Does this include taxes, insurance, or fees?

No, only principal and interest on the loan amount you enter. A real monthly mortgage payment, for example, often also includes property tax and insurance escrow on top of this figure.