What loan formula does this use?

The standard fixed-rate amortization formula — the same monthly payment for every month of the term, common for mortgages, auto loans and personal loans.

Does it handle a 0% interest loan?

Yes — with 0% interest, the payment is simply the principal divided evenly across the term.

Is this the same as what my lender will offer?

It's an estimate based on the numbers you enter — actual loan terms often add fees, insurance or a different compounding schedule that this calculator doesn't account for.

Loan & Mortgage Calculator

Estimate the monthly payment, total paid, and total interest on a fixed-rate loan.

Loan amount

Annual rate (%)

Term (months)

Monthly payment

860.66

Total paid

10,327.97

Total interest

327.97

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How it works

1
Enter the loan amount, rate and term
Principal, annual interest rate (%) and term in months.
2
Read the result
Monthly payment, total paid and total interest appear instantly.
3
Compare scenarios
Adjust any field to see how it changes the payment.

FAQ

What loan formula does this use?: The standard fixed-rate amortization formula — the same monthly payment for every month of the term, common for mortgages, auto loans and personal loans.
Does it handle a 0% interest loan?: Yes — with 0% interest, the payment is simply the principal divided evenly across the term.
Is this the same as what my lender will offer?: It's an estimate based on the numbers you enter — actual loan terms often add fees, insurance or a different compounding schedule that this calculator doesn't account for.