Loan Payment Calculator
Calculate your monthly payment and see total loan costs.
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Principal Interest
Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1] M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate / 12)
n = Total number of payments
Domande frequenti
How is monthly payment calculated?
Monthly payment uses the 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.
What's included in a loan payment?
A loan payment typically includes principal (the amount borrowed) and interest. Mortgages may also include taxes and insurance (PITI).
How can I pay off my loan faster?
Make extra payments toward principal, pay bi-weekly instead of monthly, or refinance to a shorter term.