Loan calculator
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The calculator needs JavaScript. The tables below give the same numbers for common cases.
How it is worked out
- Monthly rate i = 6 ÷ 1200 = 0.005, payments n = 360.
- Payment = P × i ÷ (1 − (1 + i)^−n) = $1,199.10.
- Total = payment × n = $431,676.38; interest = $231,676.38.
| Inputs | Answer |
|---|---|
| Loan amount: 200000; Annual interest rate: 6; Term: 30 | A $200,000.00 loan at 6% over 30 years costs $1,199.10 a month; total interest $231,676.38. |
| Loan amount: 15000; Annual interest rate: 8.5; Term: 5 | A $15,000.00 loan at 8.5% over 5 years costs $307.75 a month; total interest $3,464.88. |
| Loan amount: 350000; Annual interest rate: 5.5; Term: 15 | A $350,000.00 loan at 5.5% over 15 years costs $2,859.79 a month; total interest $164,762.58. |
How to use it
For a fixed-rate loan with equal monthly payments, payment = P × i ÷ (1 − (1 + i)^−n), where i is the monthly rate (annual rate ÷ 12) and n the number of payments. $200,000 at 6% for 30 years is $1,199.10 a month with $231,676 of total interest.
The result covers principal and interest only; fees, insurance and taxes are extra. Use the amortization calculator to see how each payment splits. These are estimates from the numbers you type, not financial advice or an offer; real products add fees and change rates.
Frequently asked questions
How is a loan payment calculated?
Payment = P × i ÷ (1 − (1 + i)^−n) with monthly rate i and n monthly payments.
Why is so much of the early payment interest?
Interest is charged on the remaining balance, which is highest at the start.
How can I pay less interest?
A shorter term or extra payments reduce total interest; see the loan payoff calculator.
Method: standard arithmetic shown step by step; no outside data is used. Checked 2026-11-12.
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General information only. Results are plain arithmetic on the numbers you enter; check anything important (money, health, school work) against your own records or the official source.