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Loan payment calculator
Estimate monthly principal-and-interest payments, total borrowing cost and the effect of extra repayments.
Neutral presentation is active.
No regional currency, unit or language profile is applied. This choice does not convert values or change formulas, results, routes or legal guidance.
Estimated monthly payment
$1,663.26Total interest: $348,772.25 · Total repaid: $598,772.25- Base payoff time
- 30 years
- Payment with extra
- $1,763.26
- Extra-payoff time
- 25 years 2 months
- Estimated interest saved
- $66,780.08
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Verification and calculation details
- Purpose
- Loan payment calculator
- Variables and units
- Use the labelled fields and units shown in the calculator. Results use those units unless a conversion is stated.
- Formula and method
- The exact formula and worked example are shown below. Deterministic formula executed locally in the browser.
- Assumptions
- Only entered values and stated assumptions are included. Local fees, rules and professional requirements are excluded unless explicitly shown.
- Engine version
- 1.0.0
- Production verification baseline
- Release 63 · source
998803f - Verification run
release-v63-2026-09-20- Last verified
- — Automated release checks passing
Read the Calculation Standard · Report a calculation or source issue
How this calculator works
Monthly payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). P is the loan amount, r is the monthly interest rate and n is the number of monthly payments. Extra-payment savings are estimated by amortizing the remaining balance month by month.
Variables and inputs
- Loan amount
- Required numeric input. finite numeric value; calculator-specific validation applies.
- Annual interest rate
- Optional numeric input. finite numeric value; calculator-specific validation applies.
- Loan term
- Optional numeric input. finite numeric value; calculator-specific validation applies.
- Extra monthly payment
- Optional numeric input. finite numeric value; calculator-specific validation applies.
How to interpret the result
The calculator returns monthly principal-and-interest payment, total repayment, total interest, payoff time with extra payments, estimated interest and time saved. Read each output against the assumptions you entered, compare alternatives one variable at a time, and use the result as an estimate rather than a promise.
Common mistakes to avoid
- Mixing units or entering a rate as a decimal when the field requests a percentage.
- Rounding intermediate values instead of the final displayed result.
- Leaving out a cost, timing rule or local requirement listed in the assumptions below.
Practical uses
Use the loan payment calculator to check a real scenario, compare a changed assumption and explain the arithmetic before relying on a quote, specification or decision.
Worked example
For a $250,000 loan at 7% per year over 30 years, the estimated payment is about $1,663.26 per month. Adding $100 extra per month can shorten the payoff time and reduce total interest in this scenario.
Assumptions and limitations
- the annual interest rate remains fixed and is converted to an equivalent monthly rate
- scheduled and extra payments occur monthly with no lender fees or early-settlement penalty
- results are estimates; confirm rates, prices, units and professional requirements that apply
Important notes
Results are estimates based on the values entered. Confirm rates, prices, units and professional requirements that apply in your location. Review the Answer Atlas Calculation Standard and corrections policy for formula, privacy and correction rules.
Frequently asked questions
What does this loan payment calculator include?
It calculates principal and interest from the entered amount, rate and term. It does not include taxes, insurance, lender fees, late fees, settlement penalties or optional products.
How do extra monthly payments help?
Extra payments reduce the remaining balance faster. When the rate and lender rules allow it, that can shorten the payoff time and lower total interest.
Can I use this for a mortgage, car loan or personal loan?
Yes, as a fixed-rate estimate. For final decisions, check the lender contract, local rules and any fees that are not part of the basic amortization formula.