Loan & Mortgage Calculator
Work out your monthly payment, total interest, and full amortization schedule.
How this loan calculator works
Enter your loan amount, annual interest rate, and term in years. The calculator uses the standard amortization formula to work out your fixed monthly payment, then breaks each payment into principal and interest all the way to payoff.
What's an amortization schedule?
Each monthly payment on a fixed-rate loan is the same amount, but the mix behind it shifts over time: early payments are mostly interest, later payments are mostly principal. The schedule above shows that breakdown for every month of the loan.
Tips for lowering total interest
- A shorter term means a higher monthly payment but far less interest paid overall.
- Making extra payments toward principal reduces the balance interest is calculated on for every remaining month.
- Even a 1% lower rate makes a large difference over a 20–30 year term — it's worth shopping around.
Frequently asked questions
What's the difference between interest rate and APR?
The interest rate is the plain cost of borrowing the principal. APR (annual percentage rate) also folds in most lender fees and closing costs, so it's usually a little higher and is the better number for comparing loan offers. This calculator uses a plain interest rate.
Does this include property taxes and insurance?
No — this shows principal and interest only. A real mortgage payment often includes escrowed property taxes and homeowners insurance on top, so your actual monthly payment may be higher than shown here.
What happens if I make extra payments toward principal?
Extra principal payments aren't modeled directly here, but the effect is straightforward: they shrink the balance interest is calculated on for every remaining month, so you pay it off faster and pay less total interest. Try shortening the term above to see the effect.
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