Loan Calculator
Calculate monthly payments, total interest, and total cost of your loan
Loan Details
How Loan Calculation Works
This calculator uses the standard amortization formula to determine your fixed monthly payment based on the loan amount, interest rate, and term.
Monthly Payment Formula:
M = P x [r(1+r)^n] / [(1+r)^n - 1]
P = Principal (loan amount)
r = Monthly interest rate (annual rate / 12 / 100)
n = Total number of payments (years x 12)
Example: $250,000 loan at 6.5% for 30 years
Monthly Payment: $1,580.17 | Total Interest: $318,861.22