Finance
Mortgage
Estimate principal and interest on your home loan.
Calculators / Finance / Loan payment
Loan payment calculator
Estimate monthly payments and total interest.
On this page
Monthly payment483.32
Total repayment28,999.2
Total interest3,999.2
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How to calculate
Estimate monthly payments and total interest.
Monthly payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is the monthly rate
Worked example
Loan amount: 25000; Annual interest rate (%): 6; Term (months): 60.
Monthly payment: 483.32 ; Total repayment: 28,999.2 ; Total interest: 3,999.2 .
Assumptions and limits
Fixed rate, monthly payments, no fees. At 0% interest, payment = principal ÷ months. Estimates are not a lender quote.
Results are rounded for display; calculations use unrounded values. Read our calculation methodology.
Understanding the result
The monthly payment combines principal and interest. Total interest is the cost of borrowing under the entered fixed rate and term, excluding fees.
When this tool is useful
Compare payment and total cost across loan terms while keeping the principal and rate unchanged.
Understanding your inputs
| Input | What to enter |
|---|---|
| Loan amount | Enter a number of at least 0.01 and no more than 10000000000. |
| Annual interest rate (%) | Enter a number of at least 0 and no more than 100. |
| Term (months) | Enter a number of at least 1 and no more than 1200. |
Frequently asked questions
Why does a longer term usually cost more?
It spreads principal repayment over more months. The payment may fall, but interest is charged on an outstanding balance for longer.
Is APR the same as the interest rate here?
Not necessarily. APR may include fees. This formula uses a nominal annual interest rate divided by 12 and does not reproduce every lender’s APR disclosure.