CalculateFinance
Loan Payment Calculator
Estimate your monthly loan payment and see how interest, term, and extra payments impact the total cost of your loan over time.
โข Your data is private and not stored.
Your estimated payment
$1,847 / month
โ Paying on scheduleโ Your monthly payment covers both principal (45%) and interest (55%).
Compare loan scenarios
See how different loan terms affect your payment and total cost.
15-year loan
$2,572
/ monthTotal interest: $163,008
20-year loan
$2,193
/ monthTotal interest: $226,268
30-year loan
$1,847
/ monthTotal interest: $364,975
โ Tip
Paying extra or choosing a shorter term can save you thousands in interest.
Understand your payment
Principal
$300,000The amount you borrowed.
Interest
$364,975The cost of borrowing.
Extra payments
$0Additional payments reduce interest.
Total repaid
$664,975Principal + interest.
Learn more
What your result means
Your monthly payment includes both principal and interest. Over time more goes toward principal.
Key terms explained
Principal ยท Interest ยท APR ยท Amortization
How to use this calculator
Enter loan details, adjust term or rate, add extra payments, then calculate.
The payment formula
M = P ร [r(1+r)โฟ] รท [(1+r)โฟโ1]
Worked example
Loan: $300,000 at 6.25% APR for 30 years.
How extra payments help
Adding just $200/month can save interest and pay off your loan sooner.
Costs not included
Property taxes, homeowners insurance, PMI and HOA fees.
Frequently asked questions
How is the monthly payment calculated? Can I change my payment later?
Reviewed byThis content is reviewed for accuracy.
Last reviewed: May 8, 2025
Trusted sourcesConsumer Financial Protection Bureau ยท U.S. Department of Energy
Important noteFor informational purposes only and does not replace professional advice.
Your privacy mattersYour information stays private and secure.