Home Loan payment calculator
Loan payment calculator
Find the level monthly payment, the total paid, and the interest. 200,000 at 6% a year for 360 months is 1,199.10 a month. The numbers stay in this browser.
Why this exists
A 30-year mortgage and a 12-month instalment use the same monthly formula, and the leftover cents on the last month are easy to drop.
Even at zero interest, the cents left after rounding have to sit on the last month or the payments miss the amount.
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01How to use it
Type the amount, the yearly rate, the years, and the months. Thirty years is 30 and 0. A term of 360 months is 0 years and 360 months.
The large line is the monthly payment. At a zero rate, a different last month is shown on its own line. Under that are the total and the interest.
Copy puts those lines on the clipboard. The bar is the share of the amount and the share of the interest. Closing the tab clears the numbers.
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02What you get
200,000 at 6% for 360 months is 1,199.10 a month, a total of 431,676.00, and interest of 231,676.00.
10,000 at 5% for 12 months is 856.07 a month, 10,272.84 in all, and 272.84 of interest. 1,000 at 12% for one month is 1,010.00, and the interest is 10.00.
Entered200,000 · 6% · 360 months
200,000 · 6% · 360 months 1,199.10 · 431,676.00 · 231,676.00 10,000 · 5% · 12 months 856.07 · 10,272.84 · 272.84 100,000 · 0% · 12 months 8,333.33 · last 8,333.37 · interest 0 1,000 · 12% · 1 month 1,010.00 · interest 10.00 -
03Worth knowing
The decimal mark on the screen is a dot, and thousands use commas. No currency name is added. The result is in the unit you typed, down to 0.01.
When the rate is not zero, the same rounded payment is multiplied by the months. A lender that moves the odd cents onto the last bill can differ by a few hundredths.
The amount has at most two decimal places. A third decimal place is refused.
This arithmetic is not a loan approval. Fees and an early payoff are left out.
Questions
- QWhat is the monthly payment on 200,000 at 6% for 30 years?
- AIt is 1,199.10 each month. The total is 431,676.00 and the interest is 231,676.00.
- QDoes a zero rate leave any interest?
- AInterest is 0. 100,000 over 12 months pays 8,333.33, and the last month is 8,333.37.
- QCan 360 go in the months field alone?
- AYes. Years 0 and months 360. Years 30 and months 0 is also 360 months.
- QAre the numbers saved?
- ANo. They stay in this browser and are not sent to a server.
How this page works it out
The payment uses a monthly rate: the yearly rate divided by 100 and then by 12. It multiplies the amount by that rate and by (1 + rate) to the power of the months, then divides by (1 + rate) to that power, minus 1. The result is rounded to the nearest 0.01, and a half rounds away from zero.
200,000 at 6% a year for 360 months is 1,199.10 each month. Total paid is that payment times 360, which is 431,676.00, and the interest is 231,676.00 after the amount is taken off. 10,000 at 5% for 12 months is 856.07 a month, 10,272.84 in all, and 272.84 of interest. 1,000 at 12% for one month is 1,010.00, and the interest is 10.00.
A rate of 0 divides the amount by the months and rounds to 0.01. 100,000 over 12 months is 8,333.33 each month, and the last month is 8,333.37 so the payments add up to the amount and the interest is 0. The term runs from 1 to 600 months, and the yearly rate runs from 0 to 100. Fees and tax are not included, and this page is not a loan offer. The numbers stay in this browser.