Estimate a monthly loan payment before you apply

The job

Before signing a loan or mortgage, you want a quick sanity check: is the monthly payment affordable, and what is the real cost of borrowing? The annuity formula is standard but tedious on a phone calculator.

Worked example

Principal 300,000, annual rate 1.5%, term 3 years (36 payments): monthly payment ≈ 8,528, total payment ≈ 307,023, total interest ≈ 7,023. The same amount at 0% divides evenly — 8,333/month, zero interest — which is the floor the loan can never beat.

Try rate 0% to sanity-check: the tool splits the principal evenly across months with no rounding surprises.

What this estimate leaves out

Real loans carry origination fees, insurance, rate reviews, and different repayment schemes (equal principal vs equal payment). This is the fixed-rate annuity estimate — use it to compare offers and budget, then confirm against the lender's actual schedule.

• Input limits: rate 0–100%, term up to 100 years.
• For splitting a payment between people, use the split-bill tool instead.