Loan & Mortgage Calculator
Calculate monthly payments, total interest, and see a full amortisation schedule for any loan or mortgage.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
What is a Loan & Mortgage Calculator?
A loan calculator computes the monthly payment and total cost of a fixed-rate amortizing loan given the principal (borrowed amount), annual interest rate, and loan term. It also generates a full amortization schedule — a table showing how each monthly payment is split between interest and principal, and the outstanding balance after each payment. Amortization reveals how much of your early payments go to interest rather than reducing the principal, which is a key factor in the total cost of a mortgage or auto loan. This calculator works for mortgages, personal loans, auto loans, and student loans. All calculations are done in your browser — no data is sent to any server.
How to use this tool
- Enter the loan amount (principal).
- Enter the annual interest rate (APR) as a percentage.
- Enter the loan term in years or months.
- The tool instantly shows your monthly payment, total interest paid, and total cost.
- Scroll down to view the full amortization schedule month by month.
Common use cases
- Estimating your monthly mortgage payment before applying for a home loan
- Comparing the total cost of a 15-year vs. 30-year mortgage at different interest rates
- Understanding how much of a monthly payment goes to interest in the first years
- Calculating the remaining balance after a specific number of payments (e.g., for refinancing)
- Estimating personal loan payments for a home renovation or debt consolidation
Frequently asked questions
- What is an amortization schedule?
- An amortization schedule is a table listing every scheduled payment over the loan term, showing for each payment: the payment number, payment amount, portion applied to interest, portion applied to principal reduction, and remaining outstanding balance. It reveals how a fixed monthly payment gradually shifts from mostly interest (early payments) to mostly principal (later payments).
- Does this calculator include property taxes and insurance?
- This calculator computes the principal and interest (P&I) portion of a mortgage payment only. A complete mortgage payment also includes property taxes, homeowners insurance, and potentially PMI (private mortgage insurance) — costs that vary by location and are not included here. Lenders call the total PITI: Principal, Interest, Taxes, and Insurance.
- How does making extra principal payments affect the loan?
- Extra principal payments reduce the outstanding balance faster, which means less interest accrues each month. Even small additional payments early in the loan term can significantly reduce the total interest paid and shorten the payoff date. Use the Debt Payoff Calculator on this site to model the impact of extra payments.
- What is APR vs. interest rate?
- The interest rate is the cost of borrowing the principal, expressed as an annual percentage. APR (Annual Percentage Rate) includes the interest rate plus lender fees and other loan costs, giving a more complete picture of the true cost. For a simple interest comparison, use the quoted interest rate; for comparing loan offers, compare APRs. This calculator uses the interest rate field — for a mortgage, enter the stated interest rate, not the APR.