Loan Payment Calculator
Monthly payments and total cost of any loan.
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Monthly payment–
Total interest–
Total cost of loan–
Assumes a fixed rate, monthly compounding, and equal monthly payments with no fees or prepayments. These estimates are educational, not personalized financial advice.
How this is calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate and n the total number of payments.
Assumptions: A fixed rate, monthly compounding, and equal monthly payments for the whole term.
Limitations: Origination fees, insurance and other costs are not included, so the true cost may be higher. Extra payments would lower the interest.
A quick note: this calculator is for education only and isn't financial advice.