Loan Calculator
Estimate your monthly loan or mortgage payment, total cost, and total interest.
Result
Monthly payment
386.66
Total paid
23,199.36
Total interest
3,199.36
How it works
M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1)
This computes a fixed monthly payment for an amortizing loan. Each payment covers interest first, with the rest reducing the principal until the loan is fully repaid.
Advertisement
Frequently asked questions
How is my monthly loan payment calculated?
It uses your loan amount, interest rate and term in the standard amortization formula, spreading principal and interest evenly across every month.
What is the difference between the interest rate and the APR?
The interest rate is the cost of borrowing the principal; the APR also includes certain fees, so it reflects the true yearly cost more completely.
Does paying extra each month reduce the total interest?
Yes. Extra payments go straight to the principal, which shortens the term and lowers the total interest you pay.