Loan Calculator
Calculate your monthly payments, total interest, and view an amortization schedule for your loan.
Monthly Payment
$1,013.37
Total Payments
$364,813.20
Total Interest
$164,813.20
| Payment # | Date | Payment | Principal | Interest | Remaining Balance |
|---|
About Loan Calculation
Our loan calculator uses the standard amortization formula to calculate your monthly payments:
M = P × [r(1+r)^n] ÷ [(1+r)^n-1]
Where:
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (years × 12)
Tips for Using the Loan Calculator
- Enter the exact loan amount you plan to borrow
- Include the annual interest rate offered by your lender
- Adjust the loan term to see how it affects your monthly payments
- Compare different scenarios by saving your calculations