Loan & Mortgage Calculator
Loan calculator helps you understand the true cost of borrowing money. Enter your loan amount, interest rate, and term to instantly see your monthly payment, total interest paid, and complete payment breakdown. Perfect for mortgages, auto loans, personal loans, or any amortized loan. View the full amortization schedule to see how your payments are split between principal and interest over time.
Calculate monthly payments, total interest, and see detailed amortization schedule.
💰 Loan Details
📊 Payment Summary
Monthly Payment
$0
Total Interest
$0
Total Amount Paid
$0
Total Payments
0
Payment Breakdown
Principal
Interest
| Month | Payment | Principal | Interest | Balance |
|---|
Frequently Asked Questions
- How is the monthly payment calculated?
- The calculator uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments. This ensures equal payments throughout the loan term.
- What's included in the monthly payment?
- This calculator shows principal and interest only. For mortgages, your actual payment may include property taxes, insurance (PMI), and HOA fees. Add those separately to get your true monthly housing cost.
- Should I choose a 15-year or 30-year mortgage?
- 15-year loans have higher monthly payments but much lower total interest. 30-year loans offer lower monthly payments and more flexibility. Use this calculator to compare both options and see what fits your budget.
- What is an amortization schedule?
- An amortization schedule shows exactly how each payment is split between principal and interest over the life of the loan. Early payments go mostly to interest; later payments go mostly to principal.
- Can I pay off my loan early?
- Most loans allow early payoff, which reduces total interest paid. Check for prepayment penalties. Even small extra payments toward principal can save thousands in interest.