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Monthly Amortization Payment illustration

Real Estate · Loan

Monthly Amortization Payment

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Use monthly amortization to estimate the recurring payment from principal, rate, and loan term.

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Interactive workbench

30-year loan payment

P×r×1+rn1+rn−1

A $300,000 loan at 6% for 30 years is roughly $1,798.65 per month.

Step 1 of 4

Variables and units

  • Loan Principal

    Original loan balance.

    currency

  • Annual Interest Rate

    Enter 6 for 6%.

    percent

  • Loan Term

    Loan term in years.

    years

Common mistakes

  • Entering 0.06 instead of 6 for the interest rate.
  • Using months in the years field.

Step-by-step example

30-year loan payment

  1. 1. Start with the example inputs

    • Loan Principal$300,000
    • Annual Interest Rate6%
    • Loan Term30 yrs

  2. 2. Apply the formula

    P×r×1+rn1+rn−1

  3. 3. Run the numbers

    $1,798.65

    A $300,000 loan at 6% for 30 years is roughly $1,798.65 per month.

What this result means

$1,798.65 is the level monthly payment that fully pays the loan off — interest and principal — over the term. Early payments are mostly interest; the principal share grows over time. Taxes, insurance, and HOA dues ride on top of this figure.