Loan Payment Calculator
Find your monthly payment and total interest cost.
Monthly payment
—
Total paid
—
Total interest
—
How it's calculated
- M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- r = Annual rate ÷ 12 ÷ 100, n = Years × 12
- Total interest = M × n − P
This is the standard amortization formula used for mortgages, car loans and personal loans. P is the amount borrowed and M is the fixed monthly payment.
At 0% interest the payment is simply P ÷ n. Early payments are mostly interest; later ones mostly pay down the balance.
Frequently asked questions
You might also find useful