Calculate monthly payments, total interest, and view the full amortization schedule.
This loan calculator computes your monthly payment, total interest, and total amount paid over the life of a fixed-rate loan. Use it for mortgages, car loans, personal loans, or student loans. The amortization schedule shows exactly how each payment is split between principal and interest.
Results are for estimation purposes. Actual loan terms may vary. Always consult a financial advisor for major borrowing decisions.
The standard amortization formula is used: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
An amortization schedule breaks down each payment into principal and interest portions. Early in the loan, most of your payment goes to interest. Over time, more goes toward principal.
A higher interest rate increases both your monthly payment and the total interest paid. Even a 1% increase on a $250,000 mortgage can add tens of thousands of dollars over 30 years.
Yes. Enter the car price (minus down payment), the annual interest rate, and the loan term in years. Typical car loans are 3-7 years.
Enter the loan amount, interest rate, and loan term in years or months. The calculator computes your monthly payment, total interest paid over the life of the loan, and total cost. The full amortization schedule shows how each payment splits between principal and interest over time.
In the early years of a loan, most of your monthly payment goes toward interest. As the principal decreases, the interest portion shrinks and more goes toward paying down the balance. This is why paying extra toward principal early in the loan saves significantly more than extra payments later.
The amortization schedule reveals the true cost of borrowing. A $300,000 mortgage at 6.5% over 30 years costs $382,633 in interest alone — more than the original loan amount. Seeing this breakdown helps you make informed decisions about loan terms, down payments, and refinancing.
For mortgage-specific calculations with taxes and insurance, use our Mortgage Calculator.