Loan calculator
Enter the amount, rate and term. The payment, total interest and schedule update as you type.
What you enter stays on this page and is not sent anywhere.
The same payment every month. Most mortgages and personal loans work this way.
- Monthly payment
- $1,896.20
- Total interest
- $382,633.47
- Total repaid
- $682,633.47
Same loan, other repayment types
| Type | Monthly (first) | Total interest |
|---|---|---|
| Equal payments | $1,896.20 | $382,633.47 |
| Equal principal | $2,458.33 | $293,312.50 |
| Interest only | $1,625.00 | $585,000.00 |
If the rate changes
| Rate | Monthly payment | Total interest |
|---|---|---|
| 6% | $1,798.65 | $347,514.57 |
| 6.5% | $1,896.20 | $382,633.47 |
| 7% | $1,995.91 | $418,526.69 |
| 7.5% | $2,097.64 | $455,151.67 |
| 8% | $2,201.29 | $492,465.74 |
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353.18 | $19,401.27 | $296,646.82 |
| 2 | $3,577.74 | $19,176.70 | $293,069.08 |
| 3 | $3,817.35 | $18,937.10 | $289,251.73 |
| 4 | $4,073.01 | $18,681.44 | $285,178.72 |
| 5 | $4,345.79 | $18,408.66 | $280,832.93 |
| 6 | $4,636.83 | $18,117.62 | $276,196.10 |
| 7 | $4,947.37 | $17,807.08 | $271,248.73 |
| 8 | $5,278.70 | $17,475.75 | $265,970.03 |
| 9 | $5,632.23 | $17,122.22 | $260,337.81 |
| 10 | $6,009.43 | $16,745.02 | $254,328.38 |
| 11 | $6,411.89 | $16,342.56 | $247,916.49 |
| 12 | $6,841.31 | $15,913.14 | $241,075.18 |
| 13 | $7,299.48 | $15,454.97 | $233,775.70 |
| 14 | $7,788.34 | $14,966.11 | $225,987.36 |
| 15 | $8,309.94 | $14,444.51 | $217,677.42 |
| 16 | $8,866.47 | $13,887.98 | $208,810.95 |
| 17 | $9,460.28 | $13,294.17 | $199,350.68 |
| 18 | $10,093.85 | $12,660.60 | $189,256.83 |
| 19 | $10,769.85 | $11,984.60 | $178,486.98 |
| 20 | $11,491.13 | $11,263.32 | $166,995.85 |
| 21 | $12,260.71 | $10,493.74 | $154,735.14 |
| 22 | $13,081.83 | $9,672.62 | $141,653.30 |
| 23 | $13,957.95 | $8,796.50 | $127,695.36 |
| 24 | $14,892.74 | $7,861.71 | $112,802.62 |
| 25 | $15,890.13 | $6,864.32 | $96,912.49 |
| 26 | $16,954.32 | $5,800.13 | $79,958.16 |
| 27 | $18,089.79 | $4,664.66 | $61,868.38 |
| 28 | $19,301.29 | $3,453.16 | $42,567.08 |
| 29 | $20,593.94 | $2,160.51 | $21,973.15 |
| 30 | $21,973.15 | $781.30 | $0.00 |
How to use it
- Type the loan amount, the yearly interest rate and the term in years or months.
- Pick how it is repaid: equal payments, equal principal, or interest only with the balance at the end.
- Open Pay extra to see how a monthly top-up or a one-off payment shortens the loan.
Questions
What formula gives the monthly payment?
For equal payments it is P x r / (1 - (1 + r)^-n), where P is the amount borrowed, r the yearly rate divided by 12 and n the number of months. With a 0% rate the amount is simply split over the months.
Equal payments or equal principal: which costs less?
Equal principal pays down the balance faster, so the total interest is lower, but the first payments are the highest. Equal payments keep every month the same and cost more interest in total.
How does paying extra each month change the loan?
Extra money goes straight to the balance, so later months carry less interest. The tool keeps your regular payment the same and shows how many months earlier you finish and how much interest you save. Check your lender's prepayment terms.
Does the payment include taxes, insurance or fees?
No. It covers principal and interest only. Property tax, insurance, mortgage insurance and lender fees come on top, so the real monthly cost of a mortgage is higher.
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