Loan Payment Calculator
Calculate monthly payments and total interest for a fixed-rate loan. Estimate your monthly loan payment for an amortized, fixed-rate loan.
Formula & Math Logic
M = P * [i(1 + i)^n] / [(1 + i)^n - 1] where i is the monthly interest rate and n is the total payments (months).
Worked Calculation Example
30-Year Mortgage of $300k at 6.5%
Monthly payment will be $1,896.20, total interest paid is $382,633.45 over 30 years.
Frequently Asked Questions (FAQ)
What is amortization?
It is the process of spreading out a loan into a series of equal periodic payments.
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