Loan Payment Calculator - Calculate Monthly Payments & Loan Terms

Detailed Amortization Schedule

How the Loan Calculator Works?

Our loan calculator uses standard financial formulas to provide accurate calculations for various loan types including mortgages, auto loans, and personal loans.

Monthly Payment Calculation

For fixed-term loans, we use the standard loan payment formula:

M = P × [r(1+r)^n] / [(1+r)^n - 1]

• M = Monthly payment
• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12)
• n = Total number of payments (months)

Loan Term Calculation

When calculating loan duration from fixed payments, we use:

n = -log(1 - (P × r) / M) / log(1 + r)

• n = Number of payments (months)
• P = Principal loan amount
• r = Monthly interest rate
• M = Monthly payment

How Much Is a $300,000 Loan at 7.5% Interest?

With a 7.5% fixed interest rate, you're looking at around $2,097.64 per month for a 30-year mortgage, or about $2,781.04 monthly if you go with a 15-year term instead.

If I Borrow $100,000 at 7% Interest and Pay $1,500 Each Month, How Long Will It Take to Pay off the Loan?

It will take approximately 7 years and 0.67 months to pay off the entire loan.

References

This calculator is based on standard financial formulas and best practices as referenced by the following authoritative sources:

• Consumer Financial Protection Bureau (CFPB) - U.S. Government agency providing consumer financial education and protection
• CFPB Home Loan Toolkit - Comprehensive guide to understanding mortgages and loan calculations
• Federal Reserve - Understanding Credit - Official guidance on loan and credit calculations
• Financial Industry Standards - Standard loan calculation methodologies used across the financial industry
• Financial Mathematics Resources - Mathematical foundations for loan calculations