The Loan/Mortgage Calculator computes your monthly payment, total interest paid, and total amount repaid for any fixed-rate loan. It also provides a year-by-year amortization summary.
Use it to plan mortgages, car loans, personal loans, or any fixed-rate borrowing. Compare different terms and rates to find the best option for your budget.
Using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, n is total months.
This calculator is for fixed-rate loans only. Variable rate loans require different calculations.
Amortization is the gradual repayment of a loan through scheduled payments that cover both principal and interest.
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