Loan / Mortgage Calculator
Calculate monthly payments, total interest and total cost for any loan or mortgage. Free amortization summary.
Frequently asked questions
- How is the monthly payment calculated?
- It uses the standard amortization formula: payment = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate and n is the total number of monthly payments.
- Can I use it for a mortgage?
- Yes. Enter the loan amount, the annual interest rate and the term in years, and you get the monthly payment, the total paid and the total interest for any fixed-rate loan.
- Does the result include taxes and insurance?
- No. It covers principal and interest only. Property taxes, insurance, HOA fees and other costs are not part of this calculation.
- What happens if the interest rate is zero?
- The tool detects a 0% rate and simply divides the loan amount by the number of months, which is the correct payment for an interest-free loan.
This tool runs entirely in your browser. No data is uploaded anywhere.