Loan & Mortgage Calculator
Estimate your monthly payment, total interest, and payoff date for any fixed-rate loan or mortgage. Enter your loan details below to see a full amortization schedule and find out how much you could save with extra monthly payments. Everything runs in your browser — no data leaves your device.
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Amortization schedule View month-by-month breakdown
| # | Date | Payment | Principal | Interest | Balance |
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How this loan calculator works
This calculator uses the standard amortization formula that banks and lenders use for fixed-rate loans. Your monthly payment stays the same for the life of the loan, but the split between interest and principal changes every month. In the beginning most of your payment covers interest; over time more of it goes toward paying down the balance. Use the amortization schedule above to see exactly how each payment is applied.
Frequently asked questions
How is a monthly loan payment calculated?
A fixed-rate payment uses the 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 monthly payments. If the interest rate is 0%, the payment is simply the
principal divided by the number of months.
What is an amortization schedule?
It is a table that lists every payment over the life of the loan, showing how much goes to interest, how much reduces the principal, and the remaining balance after each payment. Early payments are mostly interest, and later payments are mostly principal.
How do extra monthly payments help?
Any extra amount you add each month goes straight to the principal, so the balance falls faster. That reduces the total interest you pay and shortens the term. Enter a value in the “extra monthly payment” field to see how many months and how much money you would save.
Is this accurate for a mortgage?
Yes — it uses the same amortization math lenders use for fixed-rate mortgages. It estimates principal and interest only. It does not include property taxes, homeowners insurance, PMI, HOA dues, or lender fees, so your real monthly housing cost may be higher.
This tool is for estimation and educational purposes only and does not constitute financial advice. Always confirm exact figures with your lender.