Loan Payment Calculator
Enter loan amount, annual interest rate, and loan term in years. Get monthly payment + total cost.
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Open BusinessOSCommon questions
How is the monthly payment calculated?
Amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where r is monthly rate and n is number of payments.
Does paying extra each month help?
A lot. Extra payments go straight to principal, reducing future interest. $50/month extra on a 30-year mortgage often saves 5+ years and $20K+.
What's a good loan term for a car?
3-5 years. Longer terms are cheaper monthly but you pay far more interest and often go underwater on the loan.