Finance
Loan Monthly Payment Calculator
Estimate the fixed monthly payment for a loan from its amount, rate, and term.
The monthly payment is what is paid each month, and the total paid is the sum of all monthly payments over the full term.
Formula
Monthly payment equals principal times the monthly rate times one plus the monthly rate to the power of payments, divided by that power minus one.
How it works
This assumes a fixed rate and equal monthly payments with no extra fees. If the rate is zero, the payment is simply the amount divided by the number of months.
Worked example
For example, a $200,000 loan at 6.5% annual interest over 30 years gives a monthly payment of $1,264.14 and a total paid of $455,088.98.
FAQs
Does this include taxes or insurance?
No, those are separate — add them for a full housing payment.
What if I pay extra each month?
Extra payments reduce the balance faster and cut total interest, but are not included here.
Why is a longer term cheaper per month?
The same amount is spread over more payments, though total interest rises.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.
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