How to Calculate Loan Payments?
This Loan Calculator helps you estimate monthly payments for mortgages, auto loans, or personal loans. It uses the standard amortization formula to determine exactly how much interest and principal you will pay over the life of the loan.
The Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
- P = Principal amount (loan amount)
- i = Monthly interest rate
- n = Total number of months