Loan Calculator
Calculate the monthly payment, total interest and yearly amortization schedule for any loan or mortgage.
Monthly payment
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| Year | Principal | Interest | Balance |
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How it works
The monthly payment uses the standard amortization formula M = P·r / (1 − (1 + r)−n), where P is the loan amount, r the monthly interest rate and n the number of monthly payments. The table shows how much principal and interest you pay each year and the remaining balance.
Results are estimates for a fixed-rate loan and exclude fees, insurance and taxes.
Frequently asked questions
Does a longer term reduce the total cost?
No. A longer term lowers the monthly payment but increases the total interest paid.