Loan/Mortgage Calculator
Calculate monthly payments, total interest, and view a detailed amortization schedule.
Examples
| Input | Result |
|---|---|
| $250,000 at 6.5% for 30 years | Monthly payment: $1,580.17 |
| $30,000 at 5% for 5 years | Monthly payment: $566.14, Total interest: $3,968.22 |
| $250,000 at 6.5% for 30 years, $200 extra/month | Saves on total interest, shorter payoff |
| $180,000 at 7% for 15 years | Monthly payment: $1,617.69 |
About this tool
This loan and mortgage calculator computes your monthly payment, total interest, total cost, and estimated payoff date. It works for any fixed-rate loan: mortgages, auto loans, personal loans, or student loans. Enter the loan amount, annual interest rate, and term in years. You can also add a recurring extra payment to see how it affects the schedule.
The full amortization schedule is available as a table that lists every month of the loan. Each row shows the payment breakdown between principal, interest, and any extra amount applied. Early in the loan, most of each payment goes to interest. Over time, the balance shifts so that more goes toward principal. The extra payment field lets you model how additional monthly contributions can reduce the total interest you pay.
Frequently asked questions
How is the monthly mortgage payment calculated?
It uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of months.
What does adding an extra monthly payment do?
Extra payments go directly toward the principal balance. This reduces the total interest paid over the life of the loan and can shorten the payoff period by months or years.
Does the amortization schedule show interest vs. principal for each month?
Yes. The schedule breaks down every payment into its principal portion, interest portion, any extra payment, and the remaining balance.