Loan Calculator

Calculate monthly payments, total interest, and payoff schedule in seconds.

Loan Details

Optional: Pay off faster

Results

Monthly Payment$1,896.20
Total Interest$382,633.47
Total Payment$682,633.47

First Year Summary

Interest Paid$19,401.27
Principal Paid$3,353.18
Remaining Balance$296,646.82

About This Calculator

This loan calculator estimates your monthly payment and total interest based on loan amount, APR, and term. Results are estimates and may vary by lender fees, insurance, and taxes.

Frequently Asked Questions

How is the monthly payment calculated?

It uses the standard amortization formula based on principal, APR, and total number of payments. The formula is: M = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly rate, and n is total payments.

What is APR?

APR is the annual percentage rate, representing the yearly cost of borrowing, expressed as a percentage.

Does this include fees, taxes, or insurance?

No. The calculator estimates principal and interest only. Closing costs, property taxes, insurance, and lender fees can change the real payment.

What happens if I make extra payments?

Extra payments reduce the remaining balance faster, typically lowering total interest and shortening the payoff time.

What's the difference between interest rate and APR?

Interest rate is the base borrowing rate; APR can include certain fees, so it may be higher.