Loan Monthly Payment Calculator — Free Online
Calculate your monthly mortgage or loan payment based on loan amount, interest rate, and term.
Monthly Payment Calculator
Frequently Asked Questions
How is my monthly loan payment calculated?
Your monthly payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments.
What happens if I make extra payments?
Extra payments reduce your principal faster, which means you pay less interest overall and can pay off the loan early. Use the calculator to compare scenarios by adjusting the loan term.
Does the calculator include taxes and insurance?
No — the calculator shows principal and interest only. For a mortgage, you should also factor in property taxes, homeowners insurance, and potentially PMI.
How does the interest rate affect my payment?
Even a 1% difference in interest rate can significantly change your payment. On a $200,000 30-year loan, going from 6% to 7% increases the monthly payment by about $130.