Loan Payment Calculator

This calculator will compute a loan's monthly payment and total interest charged, assuming no additional payments are made to the principal.

This calculator can be used for Car/Auto Loans, Personal Loans, Business, Student, Debt consolidation, Morgage Loans(Home Purchase, Refinance, Home Equity).

If using this calculator for a mortgage, it does not include additional montly expenses, such as HOA Fees, Fire/Flood Insurance, Private Mortgage Insurance (PMI), etc.

Note: Monetary units ($ £ € ¥ ₹ ₽ 元 ...) are not used because calculations remain the same regardless of currency.


Loan amount:
Lenth of loan units:
Annual interest rate:


Pmt # Principal Interest Balance

Math Equations Used

Montly Payment Formula:
         M = montly payment (fixed).
         P = principal or loan amount.
         r = montly interest rate. Example: 6% annual rate is also 0.06/12months = .005 montly rate.
         n = number of payments, or length of loan in months.

This next formula is used to calculate the remaining loan balance (B) of a fixed payment loan after k months. It is used to calculate how much interest and principal was paid after each month and it is used to build the Amortization Schedule.


Mortgage calculator. (2019, January 25). Retrieved from