What formula does this use?

The standard amortization formula: payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. If the rate is 0%, it's simply the amount divided by the number of payments.

Does this work for mortgages, car loans, and personal loans?

Yes — any fixed-rate, fully amortizing loan with equal monthly payments uses this same formula, whether it's a mortgage, auto loan, student loan, or personal loan.

Does the monthly payment include taxes, insurance, or fees?

No — this is principal and interest only. For a mortgage, your actual monthly payment (often called PITI) may also include property tax and insurance escrow, which this tool doesn't estimate.

Is my financial data sent anywhere?

No. All math runs locally in your browser — nothing is transmitted or stored.

LOAN PAYMENT CALCULATOR

Monthly payment and total interest. Nothing leaves your browser.

Loan amount

Annual interest rate (%)

Loan term (years)

Monthly payment489.15

Total paid (60 payments)29,349.22

Total interest4,349.22

How to calculate a loan payment

1
Enter the loan amount, annual interest rate, and term in years.
2
The monthly payment is calculated using the standard amortizing-loan formula.
3
Read the monthly payment, total paid over the loan's term, and total interest.

Questions

What formula does this use?: The standard amortization formula: payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. If the rate is 0%, it's simply the amount divided by the number of payments.
Does this work for mortgages, car loans, and personal loans?: Yes — any fixed-rate, fully amortizing loan with equal monthly payments uses this same formula, whether it's a mortgage, auto loan, student loan, or personal loan.
Does the monthly payment include taxes, insurance, or fees?: No — this is principal and interest only. For a mortgage, your actual monthly payment (often called PITI) may also include property tax and insurance escrow, which this tool doesn't estimate.
Is my financial data sent anywhere?: No. All math runs locally in your browser — nothing is transmitted or stored.