Loan Calculator
Calculate monthly payments, total interest, and a full amortization schedule for any fixed-rate loan or mortgage. Add extra payments to see interest savings, view a balance chart, and export to CSV.
| Year | Payment | Principal | Interest | Balance |
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About this tool
A loan's monthly payment hides a lot: how much goes to interest versus principal, how the split shifts over time, and how much a small extra payment saves over decades. This calculator works for any fixed-rate amortizing loan — mortgages, car loans, student loans, and personal loans.
Enter the loan amount, annual interest rate, and term, then read off the monthly payment, total interest, and payoff date. Example: a $250,000 loan at 6.5% for 30 years costs about $1,580/month and pays over $318,000 in interest alone. Add a $200/month extra payment and the schedule recomputes to show the interest saved and years shaved off.
The balance chart plots principal paid, interest paid, and remaining balance over the life of the loan, and the full amortization schedule is exportable as CSV for your own modeling.
FAQ
What formula is used for the monthly payment? ›
The standard amortization formula: monthly payment equals principal times the monthly rate, times (1 + rate) to the power of the number of months, all divided by ((1 + rate) to the power of the number of months minus 1). The monthly rate is the annual rate divided by 12. A rate of 0 simply divides the principal by the term.
Does this work for adjustable-rate or interest-only loans? ›
No. The calculator assumes a fixed rate and fully amortizing payments for the whole term. For adjustable-rate mortgages or interest-only periods, use it to model a single fixed period at a time.
How accurate is the amortization schedule? ›
Each month interest is computed on the remaining balance at the monthly rate, then the rest of the payment (plus any extra) reduces principal. Rounding to the cent happens on displayed values; the underlying math uses full precision and stops when the balance reaches zero.
Are taxes, insurance, or PMI included? ›
No. The monthly payment shown is principal and interest only. Property taxes, homeowners insurance, HOA dues, and private mortgage insurance are separate costs that lenders bundle into your real monthly housing payment.