Loan & Mortgage Calculator
Calculate the monthly payment, total cost, and total interest on a mortgage, auto loan, or personal loan.
A fixed-rate loan payment is calculated with the amortization formula M = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly interest rate, and n the total number of payments. A $250,000 loan at 6.5% over 30 years works out to about $1,580 per month, or $568,861 repaid in total.
Know the payment before you borrow
Whether it’s a mortgage, auto loan, or personal loan, the monthly payment depends on three things: how much you borrow, the interest rate, and the length of the loan. This calculator shows the payment along with the total interest you’ll pay — the number lenders rarely put front and center.
Taking on a loan changes your balance sheet: the debt is a liability, while the financed asset (like a home) is an asset. See the full picture with the net worth calculator.
Frequently asked questions
How is a monthly loan payment calculated?
Fixed-rate loans use an amortization formula based on the loan amount, the monthly interest rate, and the number of payments. Early payments go mostly toward interest; later payments go mostly toward principal.
Does this include taxes and insurance?
No. This shows principal and interest only. A real mortgage payment often also includes property taxes, homeowners insurance, and sometimes PMI or HOA fees, which can add a few hundred dollars a month.
How much does the interest rate matter?
A lot, especially on long loans. On a 30-year mortgage, even a one-point rate difference can change the monthly payment meaningfully and add tens of thousands of dollars in total interest over the life of the loan.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but far less total interest. A longer term lowers the monthly payment but costs more overall. Try both above to compare the trade-off for your situation.
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