Using a loan calculator, we quickly find that the monthly payment on this loan works out to $223.09. We go over how amortization works and how to use a loan calculator in the sections below.

To calculate interest-only loan payments, multiply the loan balance by the annual interest rate, and divide it by the number of payments in a year.

Spreadsheet programs, such as Microsoft Excel and Google Sheets, include a payment function that can calculate the principal and interest on a mortgage. Let's say you buy a condo priced at $250,000.

If you’re considering applying for a business loan, we recommend using our loan payment calculator to evaluate what funding amount you can afford to take out and repay. This handy tool can help you ...

With fixed-rate mortgages, your loan balance—and interest costs—are amortized, meaning the total amount is spread across an even number of payments (360, if you choose a 30-year loan).

The average daily balance method is one of several methods used by credit card companies to calculate interest when a cardholder carries a balance. Cardholders too can use the formula as a way to ...

Borrowers can use the loan payment formula to calculate the monthly payment of a loan. You’ll need to know the interest rate, loan amount and loan term. Keep in mind that this can be used for ...