Loan / Mortgage Calculator
Calculate your monthly payment, total interest, and see a detailed amortization schedule.
How to Use
- 1Enter the loan amount, annual interest rate, and loan term in years or months.
- 2View the calculated monthly payment amount.
- 3Explore the amortization table to see the principal and interest breakdown for each payment.
- 4Adjust inputs to compare different loan scenarios.
Frequently Asked Questions
How is the monthly payment calculated?
The tool uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
Can I calculate for different loan types?
The calculator works for any fixed-rate loan including mortgages, auto loans, student loans, and personal loans. Simply enter the relevant amount, rate, and term for your loan type.
How do extra payments affect my loan?
Adding extra payments reduces the principal faster, which decreases total interest paid and shortens the loan term. Use the extra payment field to see exactly how much you can save.