🏦 Loan Calculator

How is the Monthly Payment Calculated?

Whether you are buying a home or a car, knowing your monthly commitment is key. This calculator uses the standard amortization formula:

Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Current Mortgage Rates 2025

Interest rates vary by credit score and loan type. Currently, a 30-year fixed mortgage averages around 6.5% - 7.0%, while auto loans can range from 5% to 12%. Input your specific rate above for an accurate estimate.

Types of Loans Supported

• Mortgage Loans: Usually 15 or 30 years term.
• Auto Loans: Typically 3 to 7 years (36 to 84 months).
• Personal Loans: Often 1 to 5 years for debt consolidation.