Does this include taxes or insurance?

No, this calculates principal and interest only. Taxes, insurance, and fees vary by lender and location.

What is amortization?

Amortization is the process of paying off a loan through fixed payments, where each payment covers interest first, then reduces the principal.

Popular

Calculate monthly payments, total interest, and amortization schedule

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (years)

$386.66

Estimated monthly payment

M = P × [r(1+r)^n] / [(1+r)^n − 1]
where P = principal, r = monthly interest rate, n = number of payments

1Enter the loan amount, annual interest rate, and loan term.
2The calculator converts the annual rate to a monthly rate and computes your fixed monthly payment.
3Total interest and total repayment are calculated from the monthly payment × number of payments.