Loan & Mortgage Calculator
Calculate monthly loan payments with full amortization schedule. See how extra payments save you money.
Pay extra each month to save on interest
Monthly Payment
Payment Breakdown (First Payment)
Year-by-Year Summary
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
| 11 | $6,412 | $16,343 | $247,916 |
| 12 | $6,841 | $15,913 | $241,075 |
| 13 | $7,299 | $15,455 | $233,776 |
| 14 | $7,788 | $14,966 | $225,987 |
| 15 | $8,310 | $14,445 | $217,677 |
| 16 | $8,866 | $13,888 | $208,811 |
| 17 | $9,460 | $13,294 | $199,351 |
| 18 | $10,094 | $12,661 | $189,257 |
| 19 | $10,770 | $11,985 | $178,487 |
| 20 | $11,491 | $11,263 | $166,996 |
| 21 | $12,261 | $10,494 | $154,735 |
| 22 | $13,082 | $9,673 | $141,653 |
| 23 | $13,958 | $8,797 | $127,695 |
| 24 | $14,893 | $7,862 | $112,803 |
| 25 | $15,890 | $6,864 | $96,912 |
| 26 | $16,954 | $5,800 | $79,958 |
| 27 | $18,090 | $4,665 | $61,868 |
| 28 | $19,301 | $3,453 | $42,567 |
| 29 | $20,594 | $2,161 | $21,973 |
| 30 | $21,973 | $781 | $0 |
Loan Payment Tips
- Early payments go mostly to interest, later payments to principal
- Extra payments directly reduce principal and save interest
- Consider refinancing if rates drop significantly
- Make sure your lender applies extra payments to principal
Complete loan and mortgage calculator with monthly payment calculations, detailed amortization schedules, and extra payment analysis. See exactly how much you'll pay in interest, when you'll be debt-free, and how extra payments can save thousands. Perfect for mortgages, auto loans, personal loans, and any amortized debt.
Enter a loan amount, an annual interest rate (APR), and a term in years, and this calculator returns the fixed monthly payment using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where r is the monthly rate and n the number of payments. Alongside the payment you see the total amount paid over the life of the loan and the total interest, which is often the most sobering number: a $300,000 mortgage at 6.5% over 30 years costs about $382,000 in interest alone.
The extra payment field is where the tool earns its keep. Add an optional amount on top of each monthly payment and the calculator simulates the accelerated payoff month by month, then reports three figures: total interest saved, time shaved off the loan in years and months, and the new payment count. Even $100 extra per month on that same mortgage saves tens of thousands of dollars and several years.
Below the headline numbers, a payment breakdown bar shows how much of your first payment goes to principal versus interest. Two schedule tabs go deeper: a year-by-year summary of principal paid, interest paid, and remaining balance, and a monthly amortization table for the first 12 payments. Everything recalculates live as you type, so comparing a 15-year against a 30-year term takes one keystroke.
- 1
Enter the loan terms
Type the loan amount, annual interest rate as APR, and term in years. The monthly payment recalculates instantly as you type.
- 2
Add an extra payment
Optionally enter an extra monthly amount. The tool simulates the faster payoff and shows interest saved, time saved, and total payments.
- 3
Read the schedules
Switch between the year-by-year summary and the monthly amortization table to see how each payment splits between principal and interest.
Mortgage affordability check
Test whether a $350,000 home at current rates fits your budget by comparing the monthly payment across 15, 20, and 30-year terms.
Auto loan comparison
Compare a 48-month dealer offer at 7.9% against a 60-month credit union loan at 6.2% by checking total interest for each.
Extra payment planning
See exactly how much interest a $200 extra monthly payment saves on your mortgage and how many years earlier you finish.
Refinance evaluation
Enter your remaining balance at a new lower rate to see whether the payment drop justifies the closing costs of refinancing.
Why does so much of my early payment go to interest?
Interest is charged on the remaining balance, which is largest at the start. As the balance falls, each fixed payment covers less interest and more principal. The monthly schedule tab shows this shift payment by payment.
How are extra payment savings calculated?
The calculator simulates the loan month by month, applying your extra amount directly to principal each time. It then compares total cost and payoff date against the original schedule to report interest saved and time saved.
Does this include property tax, insurance, or fees?
No. It calculates principal and interest only, which works for any amortized loan: mortgages, auto loans, personal loans, student loans. For a full housing payment with tax, insurance, and HOA, use the Mortgage Calculator on this site.
What rate should I enter, APR or APY?
Enter the annual percentage rate (APR) from your loan offer. The calculator divides it by 12 to get the monthly rate, which matches how lenders compute amortized payments in the US and most other markets.
Is my financial information kept private?
Yes. The amounts, rates, and schedules exist only on your own machine while the page is open. No figure you type is transmitted, saved, or shared with any server or third party.