How This Calculator Works
Enter your loan amount, interest rate, and term to calculate your monthly payment including principal and interest. This helps you understand the cost of your loan and plan your finances effectively.
Amortization Formula
Monthly payment \( M \) is calculated using:
\( M = P \times \frac{r(1+r)^n}{(1+r)^n - 1} \)
where:
\( P \) = loan amount, \( r \) = monthly interest rate, \( n \) = number of months.