Monthly Payment Calculator
Calculate monthly payments for loans, mortgages, auto financing, and more. Determine payment amounts based on loan amount, interest rate, and term.
Step 1: Loan Details
Understanding Loan Terms
Longer loan terms result in lower monthly payments but higher total interest paid over the life of the loan. Shorter terms mean higher monthly payments but less interest overall.
Step 2: Additional Details
About Monthly Payments
Your monthly payment is calculated based on the loan amount, interest rate, and loan term. A larger down payment reduces your monthly payment and total interest paid.
Monthly Payment Results
Monthly Payment
Loan Type Comparison
| Loan Type | Term (months) | Monthly Payment | Total Interest |
|---|
Amortization Schedule (First 12 Months)
Monthly Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where: P = Loan Principal, r = Monthly Interest Rate, n = Number of Payments
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