The monthly payment is calculated using the formula for an amortizing loan: P = [r * PV] / [1 - (1 + r)^-n], where P is payment, r is monthly interest rate, PV is loan amount, and n is total number of payments.

Our standard calculator shows the base payment schedule. For advanced scenarios with extra payments, we recommend using our advanced payment calculator which includes additional payment options.

Yes, our calculator uses standard financial formulas and has been tested against professional financial software. Results are accurate for fixed-rate loans. For variable-rate loans, results may vary.

Yes, you can select from monthly, quarterly, semi-annual, or annual payment frequencies. The calculator will adjust the payment schedule accordingly.