Loan Payment Calculator
This loan calculator estimates your fixed monthly payment - just enter the loan amount, annual interest rate, and term.
Last updated: August 24, 2026
Frequently asked questions
How is a loan payment calculated?
Fixed-rate loans use an amortization formula based on the principal, the periodic interest rate, and the number of payments, so each payment is the same size but the interest/principal split changes over time.
Does this include taxes and insurance?
No - this is principal and interest only. Mortgages in particular often bundle property tax and insurance into the monthly payment (PITI), so your actual bill from a lender may be higher than the number shown here.
Does paying extra each month reduce the total interest?
Yes - any payment above the required amount goes straight to principal, which shortens the loan and cuts total interest paid, since interest is calculated on the remaining balance each period.