Loan & Mortgage Calculator
Calculate your monthly loan or mortgage payment instantly. Enter loan amount, interest rate, and term to see your monthly payment, total interest paid, and a full month-by-month amortization schedule. Free, no sign-up.
Monthly Payment
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Total Interest
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Total Cost
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Full Amortization Schedule
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How to Use the Loan Calculator
- Enter your loan amount (the amount you plan to borrow).
- Enter the annual interest rate from your lender's quote.
- Set the loan term in years (common: 15 or 30 for mortgages, 3–7 for auto loans).
- Click Calculate to see your monthly payment, total interest, and full amortization schedule.
Understanding Your Loan Costs
When you take out a fixed-rate loan, your monthly payment stays the same for the entire term — but the split between principal and interest changes dramatically over time. In the early months, the vast majority of your payment goes toward interest. By the final months, nearly all of it goes toward paying down the principal. This is called amortization.
For example: on a $300,000 mortgage at 7% for 30 years, your monthly payment is $1,996. In month 1, $1,750 goes to interest and only $246 reduces your balance. By month 300 (year 25), those proportions have flipped — $1,841 goes to principal and just $155 to interest.
Understanding this curve helps you make smarter decisions: whether to refinance, make extra payments, or choose a shorter loan term. Use the amortization schedule above to see exactly how each dollar of every payment is allocated across the life of your loan.
Frequently Asked Questions
How is my monthly loan payment calculated? ▼
Monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
What is an amortization schedule? ▼
An amortization schedule is a complete table showing each monthly payment broken down into principal and interest portions, plus the remaining balance after each payment. Early payments are mostly interest; later payments are mostly principal.
What is a good mortgage interest rate? ▼
As of 2026, a 30-year fixed mortgage rate below 7% is generally considered competitive in the US. Rates vary based on your credit score, down payment, loan type, and lender. Use this calculator to compare different rate scenarios.
How much does a 1% interest rate difference cost over 30 years? ▼
On a $300,000 mortgage, a 1% rate difference (e.g., 6% vs 7%) changes your monthly payment by about $190/month and costs roughly $68,000 more in total interest over 30 years. Use the calculator to model your specific scenario.
What is the difference between a 15-year and 30-year mortgage? ▼
A 15-year mortgage has higher monthly payments but significantly less total interest paid. On a $300,000 loan at 7%, a 30-year term costs about $418,000 total while a 15-year term costs about $363,000 — saving roughly $55,000 in interest.
Can I use this for car loans and personal loans? ▼
Yes. This calculator works for any fixed-rate installment loan: mortgages, auto loans, personal loans, student loans, and business loans. Simply enter the principal amount, interest rate, and loan term.
How does making extra payments affect my loan? ▼
Extra principal payments reduce your balance faster, which means less interest accumulates each month. Even small extra payments early in the loan can save thousands in interest and shorten the loan term significantly.
What does "principal" mean in a loan? ▼
The principal is the original amount borrowed, not including interest. Each payment you make reduces the principal (principal portion) and pays the interest that has accrued since the last payment (interest portion).
Is this loan calculator accurate? ▼
Yes — this calculator uses the standard financial amortization formula used by banks and financial institutions worldwide. Results may vary slightly from your actual loan due to rounding, fees, or variable-rate adjustments.
How do I compare different loan scenarios? ▼
Use the calculator multiple times with different values. Common comparisons: 15 vs 30 year term at the same rate, different interest rates at the same term, or different loan amounts to find your budget limit.