Loan Payment Calculator
Calculate monthly loan payments, total interest, and see an amortization summary for any loan.
Frequently Asked Questions
How is the monthly payment calculated?
Monthly payments are calculated using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
What is the difference between APR and interest rate?
APR (Annual Percentage Rate) includes the interest rate plus any fees or additional costs. For this calculator, enter your APR for the most accurate monthly payment estimate.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.