Loan Calculator
Loan Calculator
Work out your monthly payment, total interest and payoff date, and see what extra payments save.
Yearly breakdown
| Year | Principal paid | Interest paid | Balance at year end |
|---|
Show every month
| Month | Payment | Principal | Interest | Balance |
|---|
How the payment is calculated
Most loans use a fixed monthly payment. With a monthly rate r (the yearly rate divided by 12) and n monthly payments, the payment on a loan of P is P × r ÷ (1 − (1 + r)−n). Each month the interest is the remaining balance times r, and the rest of the payment reduces the balance.
Early payments are mostly interest, and later payments are mostly principal. That is why the yearly breakdown shows the balance falling slowly at first.
This calculator covers principal and interest only. Property tax, insurance, mortgage insurance and lender fees are extra, and the real annual percentage rate (APR) includes some fees, so it is usually higher than the interest rate.
Do extra payments help?
Yes. Any extra money goes straight to principal, so the balance shrinks faster and less interest builds up on it. Enter an amount in Extra payment per month to see how many months and how much interest you would save. Check with your lender that extra payments are applied to principal and that there is no prepayment penalty.
A shorter term has a higher payment but far less total interest. Try 15 and 30 years side by side on the compare page.
Frequently asked questions
Is this for mortgages, car loans and personal loans?
Yes, any loan with a fixed rate and equal monthly payments. Enter the amount, the yearly interest rate and the term.
What is amortization?
Amortization is paying a loan off in regular instalments. An amortization schedule lists how much of each payment is interest, how much is principal, and the balance left.
Why is my lender's payment a little different?
Lenders may round differently, include fees, or start interest on a different day. Use this as a close estimate and rely on your loan documents for exact figures.
Does this work for variable-rate loans?
Only for a single fixed rate. For a variable loan, rerun the calculation with the new rate and the remaining balance and term.
These calculators give estimates for education and planning. They are not financial advice, and real lenders may add fees, taxes, insurance or different rounding. Nothing you type is sent anywhere.