How it works: Using the standard amortization formula,
M = P[r(1+r)^n]/[(1+r)^n-1], where M is your monthly payment,
P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12),
and n is the total number of payments (years × 12). This calculator assumes
fixed-rate loans with monthly payments.
Actual payments may vary based on taxes, insurance, and other fees ~