Loan Payment Calculator
Calculate your monthly loan payment instantly with our free online loan calculator. Supports custom principal, rate, and term inputs.
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How loan payments work
For a fixed-rate loan, the monthly payment depends on three inputs: the amount you borrow (principal), the interest rate, and how long you have to repay it (term).
A longer term means smaller monthly payments but more total interest. A higher rate increases both the monthly payment and the total interest paid.
Example
If you borrow $200,000 at 6% APR over 30 years, your monthly payment is about $1,199.10. Over the full term you pay about $231,676 in interest — more than the original loan.
Frequently asked questions
- What is the formula for a loan payment?
- Monthly payment M = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is the number of months.
- Does this include taxes and insurance?
- No. The result is the principal and interest portion only. Add taxes, insurance, and HOA separately for total monthly housing cost.