Calculate monthly mortgage or loan payments with amortization schedule. Enter loan amount, interest rate, and term to get instant results. This tool runs entirely in your browser — no data is sent to any server. It's fast, free, and works on any device.
Understanding your loan terms before signing is essential for sound financial decisions. This loan calculator uses the standard amortization formula to compute your monthly payment, total amount paid, and total interest over the life of the loan. It also generates an amortization schedule showing how each payment is split between principal and interest — you'll notice that early payments are mostly interest while later payments are mostly principal. This is how standard fixed-rate loans (mortgages, auto loans, personal loans) work. Use this tool to compare loan offers with different rates and terms, understand the true cost of borrowing, or evaluate the impact of extra payments on total interest.
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = principal, r = monthly interest rate (annual rate ÷ 12), n = total number of payments. This calculator handles all the math automatically.
Longer terms mean lower monthly payments but much more total interest. A $200,000 mortgage at 7%: 15-year term costs ~$128K interest; 30-year term costs ~$279K interest. Shorter terms save significantly.
An amortization table shows each payment broken into principal and interest. Early in the loan, most payment goes to interest. As the principal decreases, more of each payment goes to principal — until the loan is fully paid off.
Yes! Extra payments go directly to principal, reducing future interest. Even small additional monthly payments can save thousands in interest and years off the loan term.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes fees and other costs of the loan, making it higher than the stated rate. Compare APR across loans for a fair comparison.