How is monthly payment calculated?

We use the standard amortization formula: M = P·r(1+r)^n / ((1+r)^n − 1), where r is the monthly rate and n is the number of months.

Does this include taxes or insurance?

No. This calculator estimates principal and interest only. Use the Mortgage Calculator for taxes and insurance.

Finance Calculators

Estimate monthly loan payments, total interest and amortization.

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (years)

Monthly Payment

$400.76

Total Interest

$4,045.54

Total Cost

$24,045.54

M = P · r(1+r)^n / ((1+r)^n − 1)

2 answers