Loan payment calculator
Updated
Enter the amount borrowed, the yearly interest rate and the number of years. The calculator shows the equal monthly payment, the interest paid over the whole loan and the total.
How it is calculated
With a monthly rate r = yearly rate ÷ 12 and n monthly payments: payment = amount × r × (1 + r)n ÷ ((1 + r)n − 1). Total paid = payment × n. Interest = total paid − amount.
Fixed rate, equal payments. Fees, insurance, taxes and rate changes are left out, so a lender's figure can differ.
Questions
Does this include taxes and insurance?
No. It covers principal and interest only.
What happens with a variable rate?
The payment changes when the rate does. Enter the new rate and the years remaining to see the new figure.
Why is so much of an early payment interest?
Interest is charged on what is still owed, and that is largest at the start.