Loan & Mortgage Payment Calculator
Calculate the monthly payment on a mortgage, car loan or personal loan, along with total interest and total amount repaid.
Enter your values and press Calculate.
How to use the Loan & Mortgage Payment calculator
This is the standard amortisation formula used by lenders for fixed-rate mortgages, auto loans and personal loans. Mortgage payments shown here are principal and interest only — property tax, insurance and PMI are extra.
Formula
M = P × i ÷ (1 − (1 + i)−N), where P is the loan amount, i is the monthly interest rate (annual rate ÷ 12) and N is the number of monthly payments.
Frequently asked questions
How is a monthly loan payment calculated?
Lenders use the amortisation formula above, which spreads principal and interest so every monthly payment is the same.
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