Loan Calculator
Enter your loan amount, interest rate and term to see your monthly payment, total interest and full amortization schedule — free and instant, with no signup.
Loan details
Estimated monthly payment
$1,580.17
Total interest
$318,861.22
Total payment
$568,861.22
Payment schedule
Showing 12 of 360| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
Each row shows how the same payment splits differently as the balance falls — the interest column shrinks and the principal column grows.
How to use this loan calculator
Enter the loan amount you plan to borrow, the annual interest rate (APR) you have been quoted, and the loan term in years. The calculator updates as you type and shows three things: your estimated monthly payment, the total interest you will pay over the life of the loan, and a month-by-month amortization breakdown showing how each payment splits between interest and principal.
The calculation uses the standard fixed-rate amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12) and n is the number of payments. This is the same method lenders use for fixed-rate loans, which is why the output lines up closely with real Loan Estimates for the principal-and-interest portion.
The results are an estimate. Your actual payment may differ because of lender fees, property taxes, insurance, mortgage insurance and other charges. Always confirm final numbers with your lender before committing.
Worked examples
A quick sense of how amount, rate and term interact. Every figure below was produced by the calculator on this page and independently recomputed before publication.
| Loan | Amount | Rate | Monthly | Total interest |
|---|---|---|---|---|
| 30-year mortgage | $250,000 | 6.5% | $1,580.17 | $318,861 |
| 15-year mortgage | $300,000 | 6.5% | $2,613.32 | $170,398 |
| 20-year refinance | $200,000 | 5.75% | $1,404.17 | $137,000 |
| Car loan, 5 years | $35,000 | 7.5% | $701.33 | $7,080 |
| Personal loan, 3 years | $15,000 | 11% | $491.08 | $2,679 |
Note how the 15-year mortgage costs far less interest in total despite a much larger monthly payment — the trade-off at the centre of most borrowing decisions. Our guide to how loan amortization works explains the mechanics in detail.
Specialised calculators
The calculator above handles any fixed-rate loan. These four add the parts that differ by product — the costs a mortgage carries beyond the loan, the trade-in and sales tax arithmetic behind a car deal, the origination fees on a personal loan, and the extra-payment maths on a student loan.
Property
Mortgage calculator
Monthly payment with property tax, home insurance, HOA and PMI folded in — the number that actually leaves your account, not just principal and interest.
Property
Home affordability calculator
Works the mortgage question backwards: start from your income, debts and down payment, and find the price you can actually carry rather than the price a lender will approve.
Vehicle
Auto loan calculator
Work out the amount financed from price, down payment, trade-in and sales tax, then see what the monthly payment really costs over 48, 60 or 72 months.
Unsecured
Personal loan calculator
Unsecured borrowing at the rates lenders actually quote, with the origination fee maths that decides whether the money is worth taking.
Education
Student loan calculator
Payment and total interest on a student loan, plus what a modest extra monthly payment does to the payoff date — the cheapest interest saving there is.
Breakdown
Amortization schedule
The full month-by-month and year-by-year breakdown of a fixed-rate loan, and how much interest an extra payment removes from the end of it.
Property
Rent vs buy calculator
The full cost of owning against renting and investing the difference, with the year owning overtakes — and a sensitivity check on the two assumptions the answer actually rests on.
Guides: how borrowing really costs money
The calculator tells you the numbers. These guides explain what to do with them — each one works through real figures rather than rules of thumb.
How loan amortization works
The formula term by term, a worked month-by-month example, when principal finally overtakes interest, and why extra early payments save so much.
How to compare loan offers
Why the headline rate is not the comparison, the three numbers that are, and how to work out whether discount points are worth paying.
APR vs interest rate
What each number actually measures, what APR leaves out, and the cases where comparing APR will lead you to the wrong lender.
Biweekly payments: what they really save
How paying half your mortgage every two weeks works, the exact saving on a worked loan, and the fees and pitfalls to avoid first.
Refinance break-even point
How to work out the month a refinance pays for itself, why a shorter term can raise your payment and still save six figures, and when not to refinance.
15-year vs 30-year mortgage
The same loan on both terms, side by side: what the shorter term saves, what it costs each month, and the affordability test that decides it.
How much house can I afford?
Why the price a lender approves is not the price you should pay, how the debt-to-income rules work, and what the monthly figure has to cover beyond principal and interest.
How to remove PMI from your mortgage
Why mortgage insurance ends when the balance crosses a threshold rather than after a fixed number of years, what it costs on a worked loan, and how a larger down payment or extra payments bring the date forward.
Debt-to-income ratio
How front-end and back-end ratios are built, what counts towards them, where the commonly quoted ceilings come from, and what each ceiling buys in house price.
Closing costs explained
The three groups on a closing bill, what can be negotiated and what cannot, and the arithmetic of discount points — including why buying twice as many points barely changes the break-even month.
How to pay off a loan early
Why the same extra payment saves several times more interest early in the loan than late, worked through a mortgage and a car loan, and the cases where paying ahead is the wrong choice.
How to refinance a mortgage
Why a lower rate can still cost you more: a 6.50% to 6.00% refinance cuts the payment by $371.38 and adds $93,849 of interest, while the same rate on a 20-year term saves $17,788.
FHA vs conventional loan
The same 6.50% rate on both products, so only the structure differs: FHA's 3.5% down payment saves $5,250 at closing and costs $72.95 a month, and the down payment advantage is exhausted after 71.97 months.
Rent vs buy: the break-even year
Buying is $38,538 more expensive than renting in year one and does not catch up until year 11. The full model, and how the answer moves when appreciation changes.
HELOC vs home equity loan
The same $60,000 at the same 8.00% costs either $27,356 or $108,447 in interest. What the two products share, where they diverge, and why the draw period drives the whole bill.
How much down payment do I need?
What 3.5%, 10% and 20% down really cost: 20% down saves $105,249 over the life of the loan, while the $40,000 you keep back is worth an implied 10.72% a year over seven.
What is an escrow account?
What actually flows through it, how the cushion is set, and why a 10% tax rise costs $40 a month once the account settles but $80 a month in the first year.
Cash-out refinance vs HELOC
A cash-out refinance looks cheaper but reprices the loan you already had: $110,405 more interest in total, with a monthly payment $257.47 lower than the HELOC route.
Fixed vs adjustable rate mortgage
An ARM saves $104.06 a month for five years and hands it back in 35 months if the rate resets to 7.50%. The whole sensitivity table, from 6.00% to 8.00%.
Mortgage preapproval vs prequalification
The same DTI rules, two different meanings of the word income: a $39,600 bonus only half recognised costs $60,361 of buying power, and a 0.75-point rate rise costs another $20,652.
What if the appraisal comes in low?
A $405,000 appraisal on a $420,000 contract leaves a $13,500 cash gap — and the gap is LTV × the shortfall, so a smaller down payment means a bigger bill. All three ways out, priced.
How much home equity do I have?
$180,000 of equity is only $80,000 you can borrow, and a 10% price fall halves it. The three different answers to one question, with a full price-shock table.
Debt consolidation vs a home equity loan
The 8.00% loan costs $3,208 more than the 11.50% one, because ten years beats five. Why the lower rate loses, and what the house is actually being put up against.
Frequently asked questions
How is the monthly payment calculated?
Your monthly payment is calculated using the standard amortization formula, which spreads principal and interest evenly across every payment so each one is identical over the life of a fixed-rate loan.
What is APR, and is it the same as the interest rate?
Not quite. The interest rate determines the cost of borrowing the principal. APR (Annual Percentage Rate) also folds in most lender fees, so it is usually a little higher and is a better measure of your true annual cost. Entering the APR gives a more realistic estimate.
Should I use this calculator for a mortgage?
It gives an accurate figure for the principal-and-interest portion of a mortgage. A real monthly mortgage payment usually also includes property taxes, homeowners insurance and possibly mortgage insurance (PMI), so your actual payment will typically be higher.
How much of my payment goes to interest?
Early in the loan most of each payment covers interest and only a little reduces the balance. The split gradually reverses. Scroll the amortization schedule to see this month by month — it is the clearest illustration of why extra early payments save so much.
Does a shorter term really save money?
Yes, substantially. A 15-year mortgage typically carries a lower rate than a 30-year and is repaid twice as fast, so total interest falls dramatically — at the cost of a much higher monthly payment. Try both terms in the calculator and compare the Total interest figures.
Are the results guaranteed?
No — they are estimates. Lenders apply their own fees, rounding rules and day-count conventions, and may include escrow items. Your lender's Loan Estimate and Closing Disclosure are the authoritative documents. See the disclaimer for details.
Reviewed by David Chen · Last reviewed September 20, 2026. Spot an error? Tell us and we will correct it.