What this tool does
Enter principal, annual interest rate, and loan term to compute the monthly payment using the standard amortization formula. See total interest paid and total cost over the life of the loan.
Example input/output
Illustrative sample — your real inputs may look different.
Example input
$250,000 · 6.5% · 30 years
Example output
Monthly payment ~$1,580 · Total interest ~$319,000
How to use
- Enter the loan amount (principal).
- Set the annual interest rate and term in years or months.
- Review monthly payment, total interest, and total cost.