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Enter amount, rate and term to see the monthly payment, the total you'll hand over, and how much of it is interest — often the sobering number: a 25-year mortgage at 6.5% costs around the original loan again in interest. The calculator uses the standard amortization formula behind virtually all fixed-rate mortgages, car loans and personal loans.
Frequently asked questions
How is the monthly payment calculated?
With the amortization formula M = P·r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r the monthly rate and n the number of payments. Early payments are mostly interest; the balance shifts toward principal over the term.
Why does a longer term cost so much more in total?
You pay interest on the outstanding balance for longer. Stretching a loan from 15 to 30 years lowers the monthly payment by far less than half, and can double the total interest. The "interest share" stat shows the trade-off instantly.
Does this include taxes, insurance or fees?
No — it's the principal-and-interest payment. Mortgages typically add property taxes, insurance and possibly PMI on top, and the advertised APR includes some fees. Treat the result as the core payment, not the full monthly bill.