Loan Payment Calculator
Calculate your monthly loan payment, total interest, and total cost of a loan. Enter principal, interest rate, and loan term.
Enter loan details.
Monthly Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where P = principal, r = monthly rate, n = total payments
Where P = principal, r = monthly rate, n = total payments
Example: $200,000 at 6% for 30 years.
Monthly payment = $1,199.10
Total interest = $231,677
Monthly payment = $1,199.10
Total interest = $231,677
FAQ
How can I reduce my monthly payment?
Extend the loan term (increases total interest), make a larger down payment, or find a lower interest rate.
Related Calculators
Last updated: 2026-08-08