Loans & Mortgages
Loan Calculator
Work out your monthly payment and watch the balance disappear, year by year — extra payments included.
Monthly payment
$1,896.20
Total interest
$382,633.47
Total paid
$682,633.47
Balance over time
Principal vs. interest
Yearly amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,353.18 | $19,401.27 | $296,646.82 |
| 2 | $3,577.74 | $19,176.70 | $293,069.08 |
| 3 | $3,817.35 | $18,937.10 | $289,251.73 |
| 4 | $4,073.01 | $18,681.44 | $285,178.72 |
| 5 | $4,345.79 | $18,408.66 | $280,832.93 |
| 6 | $4,636.83 | $18,117.62 | $276,196.10 |
| 7 | $4,947.37 | $17,807.08 | $271,248.73 |
| 8 | $5,278.70 | $17,475.75 | $265,970.03 |
| 9 | $5,632.23 | $17,122.22 | $260,337.81 |
| 10 | $6,009.43 | $16,745.02 | $254,328.38 |
| 11 | $6,411.89 | $16,342.56 | $247,916.49 |
| 12 | $6,841.31 | $15,913.14 | $241,075.18 |
| 13 | $7,299.48 | $15,454.97 | $233,775.70 |
| 14 | $7,788.34 | $14,966.11 | $225,987.36 |
| 15 | $8,309.94 | $14,444.51 | $217,677.42 |
| 16 | $8,866.47 | $13,887.98 | $208,810.95 |
| 17 | $9,460.28 | $13,294.17 | $199,350.68 |
| 18 | $10,093.85 | $12,660.60 | $189,256.83 |
| 19 | $10,769.85 | $11,984.60 | $178,486.98 |
| 20 | $11,491.13 | $11,263.32 | $166,995.85 |
| 21 | $12,260.71 | $10,493.74 | $154,735.14 |
| 22 | $13,081.83 | $9,672.62 | $141,653.30 |
| 23 | $13,957.95 | $8,796.50 | $127,695.36 |
| 24 | $14,892.74 | $7,861.71 | $112,802.62 |
| 25 | $15,890.13 | $6,864.32 | $96,912.49 |
| 26 | $16,954.32 | $5,800.13 | $79,958.16 |
| 27 | $18,089.79 | $4,664.66 | $61,868.38 |
| 28 | $19,301.29 | $3,453.16 | $42,567.08 |
| 29 | $20,593.94 | $2,160.51 | $21,973.15 |
| 30 | $21,973.15 | $781.30 | $0.00 |
How the loan calculator works
This loan calculator computes a fixed monthly payment from three inputs — the loan amount, the annual interest rate, and the loan term in years — then builds out the full amortization schedule that shows exactly how each payment splits between principal and interest. Early in the loan, most of each payment covers interest because the outstanding balance is still large; as the balance shrinks, a growing share of every payment chips away at principal instead. Whether you're running the numbers as a mortgage calculator, an auto loan calculator, or a personal loan calculator, the underlying math is identical — only the typical rate and term differ by loan type.
The monthly payment formula
The standard fixed-rate loan payment formula is M = P[r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (your annual rate divided by 12), and n is the total number of monthly payments (years multiplied by 12). This calculator applies that formula, then walks the loan forward month by month: each period, interest accrues on the remaining balance at rate r, the rest of the fixed payment reduces principal, and the new, smaller balance carries into the next period. If you specify an extra monthly payment, that full amount is applied straight to principal on top of the required payment, which is why extra payments compound into outsized time savings — every dollar of extra principal also eliminates all the future interest that dollar would otherwise have accrued.
Why extra payments save more than they look like
As a loan payoff calculator, this tool separates total interest paid from total principal so you can see the real cost of borrowing, not just the payment size. Adding even a modest extra amount to your monthly payment — as this mortgage payoff calculator and auto loan payoff calculator both show — shortens the loan term and cuts total interest by more than the extra amount itself, because that principal stops accruing interest for every remaining month of the original term. The effect is strongest early in a long-term loan like a 30-year mortgage, where a large share of scheduled payments would otherwise go toward interest; it's weaker on a loan that's already mostly paid off, since there's less remaining interest left to eliminate.
Frequently asked questions
How do I calculate my monthly loan payment?
Use the formula M = P[r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. Enter your loan amount, rate, and term above and the calculator does this automatically, plus builds the full year-by-year breakdown.
Does this work as a mortgage calculator?
Yes — a mortgage is a fixed-rate installment loan, so the same amortization math applies directly. Enter your mortgage principal, note rate, and term (typically 15 or 30 years) to see your monthly principal-and-interest payment and amortization schedule. This calculator does not include property taxes, homeowners insurance, or PMI, which are commonly added on top of the base payment.
How much do extra payments actually save?
Enter an extra monthly payment amount to see both the new payoff time and the years saved compared to the original term. Because extra payments go straight to principal, they eliminate all the interest that principal would have accrued over the remaining life of the loan — which is why even $100–$200 extra per month can cut years off a 30-year mortgage.
Why does more of my payment go to interest at the start?
Interest is calculated on the outstanding balance each period, and that balance is largest at the beginning of the loan. As you pay down principal, the balance — and therefore the interest charged each period — shrinks, so a growing share of your fixed payment goes toward principal over time. This pattern is called amortization, and it's the same for mortgages, auto loans, and personal loans.
Can I use this as an auto loan calculator?
Yes. Auto loans use the same fixed-rate amortization formula as mortgages, just with shorter terms (typically 3–7 years) and usually higher rates for used vehicles. Enter the vehicle loan amount, your rate, and the term in years to see your payment and how much of the total cost is interest.
Whether you're comparing mortgage offers, sizing up an auto loan, or deciding whether extra payments are worth it, this loan calculator gives you the full amortization picture — not just a payment number — so you can see exactly where your money goes each month.