How We Calculate

For a standard fixed-rate amortizing loan, the calculator uses the standard payment formula: M = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly payments.

Interest is calculated monthly on the remaining balance. If the annual interest rate is 0%, the payment is simply principal divided by the number of payments. Optional fees are displayed separately unless you choose to include them in your own borrowing comparison.

Because lenders can use different fee structures, day-count conventions, rounding methods, and payment dates, final lender figures may differ slightly.