About this Loan & Mortgage Calculator
Before you sign for a mortgage, car loan or personal loan, know the real number. Enter the amount, interest rate and term to see your exact monthly payment, the total interest you will pay over the whole loan and the true total cost.
How to use it
- Enter the loan amount.
- Add the yearly interest rate.
- Choose the term in years and calculate.
Read next: What Is the Monthly Payment on a $200,000 Mortgage? (And Why the Rate Matters More Than the Price)
Frequently asked questions
What is the monthly payment formula?
M = P x r(1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n is the number of payments.
Does a longer term cost more?
Yes. Monthly payments drop but total interest grows a lot. A 30 year mortgage can cost more in interest than the house itself at high rates.
Does this include taxes and insurance?
No, this shows principal and interest only, which is the core loan cost.