Borrowing calculator
Loan payment calculator
Estimate the monthly payment and lifetime interest for a fixed-rate, fully amortizing loan.
Estimate your payment
Use the interest rate and term from a proposed loan.
Estimated monthly payment
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Excludes taxes, insurance, closing costs, fees, and changing rates.
How the payment is calculated
The calculator uses the standard amortization formula. Each monthly payment covers accrued interest and reduces principal so the balance reaches zero at the end of the term.
Payment = principal × monthly rate × (1 + monthly rate)payments ÷ ((1 + monthly rate)payments − 1)
How to compare loans
- Compare both the monthly payment and total interest.
- Include lender fees, mortgage insurance, taxes, and homeowners insurance separately.
- Use the annual percentage rate when comparing offers with different fees.
Method reviewed September 25, 2026. This calculator provides general estimates, not lending or financial advice. See our methodology.