Payment Calculator
Find your monthly loan payment, total interest, and payoff date.
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What is a Payment Calculator?
A payment calculator determines your fixed monthly payment for an amortizing loan using the standard formula. It also shows the total amount you will pay over the life of the loan and how much of that is interest.
How to Use This Calculator
- Enter the total amount you plan to borrow.
- Input the annual interest rate offered by your lender.
- Choose the loan term in years or months.
- Click Calculate to see your monthly payment, total cost, and payoff date.
Frequently Asked Questions
What formula does this 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 number of payments.
Does this include taxes or insurance?
No. This calculator shows principal and interest only. escrow for property taxes and insurance would be additional.
Can I calculate mortgage payments with this?
Yes. Enter your home price minus down payment as the loan amount, your mortgage rate, and term in years.
What happens if I make extra payments?
Extra payments reduce your principal faster, lowering total interest. Use our Mortgage Payoff Calculator to model extra payments.