Loan & Mortgage Calculator with Amortization Schedule
Calculate your monthly loan payment, total interest and full amortization schedule. Works for mortgages, car loans and personal loans. Free, instant, no sign-up.
Loan details
Optional. Paid on top of the scheduled amount, straight against principal.
Monthly payment
$2,001.62
Principal and interest only — taxes and insurance not included
- Total interest
- $400,582.81
- Total repaid
- $720,582.81
- Payoff time
- 30y 0m
Amortization schedule
How to use this loan calculator
Enter the amount you plan to borrow, the annual interest rate your lender quoted, and the length of the loan in years. The calculator returns your fixed monthly payment along with the total interest you will pay over the life of the loan.
The extra monthly payment field is where this tool earns its keep. Adding even a small amount shows you exactly how much interest you avoid and how many months earlier the loan clears — the two numbers lenders rarely put in front of you.
The formula behind the numbers
Fixed-rate loans use the standard amortization formula:
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- M — the monthly payment
- P — the principal, or amount borrowed
- r — the monthly rate: the annual rate ÷ 12 ÷ 100
- n — the total number of monthly payments
The payment stays the same every month, but its composition does not. Interest is charged on the remaining balance, so early payments are mostly interest and later ones are mostly principal. The amortization schedule above shows that crossover year by year.
What this calculator does not include
The result covers principal and interest only. Your lender will typically add property tax, home insurance, and mortgage insurance if your deposit is small — often adding 20–30% to the monthly figure. Origination fees, closing costs and any prepayment penalty are also excluded.
Ways to reduce what you pay
- Shorten the term. A 15-year mortgage carries a higher monthly payment than a 30-year, but the total interest is usually less than half.
- Pay biweekly. Half a payment every two weeks means 26 half-payments a year — one extra full payment annually, without much felt difference month to month.
- Improve your rate before you borrow. Cutting the rate by half a percentage point on a large loan saves a five-figure sum across 30 years. Try both rates above to see it.
- Round the payment up. Paying a round number slightly above the required amount costs little each month but shaves years off the term.
Frequently asked questions
How is my monthly loan payment calculated?
Monthly payments use the standard amortization formula: P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (your annual rate divided by 12) and n is the total number of monthly payments. Each payment is identical, but the split between interest and principal shifts over time.
Why does so much of my early payment go to interest?
Interest is charged on the outstanding balance, which is at its highest at the start. On a 30-year mortgage the first payment can be 80% interest. As the balance falls, the interest portion shrinks and the principal portion grows — which is why extra early payments save disproportionately more than late ones.
Does this calculator include taxes and insurance?
No. It calculates principal and interest only, which is the portion set by your loan agreement. Property tax, home insurance and any HOA or PMI charges are added by your lender on top of this figure, so your actual monthly escrow payment will be higher.
How much do extra payments actually save?
Every extra unit of currency goes straight against the principal, so it removes all the future interest that amount would have accrued. On a typical 30-year mortgage, one extra payment per year can shorten the term by roughly four to six years and save a substantial sum in interest.
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Open toolLast updated August 22, 2026