Monthly Payment Loan Calculator

Most loans (mortgage and other) in the United States compound interest monthly.
Mortgage loans in Canada compound interest semi-annually.

FYI

30 years=360 months
25 years=300 months
20 years=240 months
15 years=180 months
10 years=120 months
5 years= 60 months
3 years= 36 months

EXAMPLES:

If you want to calculate how much a mortgage payment would be on a $200,000 mortgage at 5% interest for 360 months (30 years), you would enter:
- 200000 (or 200,000) for the Loan Amount
- 360 for Months
- 5 for Interest Rate (Compounded Monthly)
- Press the Payment button, and you'll see that your payment would be $1,073.64.
- Note: If you look down the amortization schedule, you'll see the final payment is $1,076.47. Some lenders don't like the final payment to be greater than the regular payment so they'll add a penny to the regular payment. You can do that on this calculator simply by adding a penny to the payment and solving for "Months". The # of months won't change much, if at all. Now you can view the schedule again to see the difference it makes. In this case, you'll make 359 full payments of $1,073.65 and a final payment of $1,068.30.

Using the example above, let's say you can make a higher monthly payment. You would like to round your payment up to $1,200/month. How long will it take to pay off your mortgage?
- Leave everything the same, just enter 1200 for Payment and press Months.
- It will take only 286 months to pay off your mortgage! (285 full payments of $1,200 and a final partial payment of $170.76)
- So paying that extra $126.36/month will save you a little more than 6 years of payments, and about $44,342 interest!

Suppose you want to buy a car, but you don't want to spend more than $250/month for payments. You can get a 4 year car loan at 3.9%. How much of a car can you buy? You would enter:
- 48 for Months
- 3.9 for Interest Rate (compounded Monthly)
- 250 for Monthly Payment
- Press the Principal button, and you will see that you could buy a $11,094.18 car with no down payment -or put more money down on a more expensive car.

I welcome your links to MyCalculators.com

To link to THIS page, please copy the following HTML code and paste it into your page.

<a href="https://www.mycalculators.com/ca/loancalcm.html" title="Monthly Payment Loan Calculator" target="_blank"><strong>Monthly Payment Loan Calculator</strong>  |- MyCalculators.com</a>

It will appear on your page as: Monthly Payment Loan Calculator |- MyCalculators.com

Please support this website by sharing it with your friends and family.

Thank You!