Loan & Mortgage Calculator

How to use the loan & mortgage calculator

Pick Loan for a plain fixed-rate loan — a car loan, personal loan or student loan — or Mortgage to add a down payment and the extra costs that come with a home. Enter the amount, interest rate and term; the monthly payment, total interest and a full amortization schedule appear instantly. Open More options to add property tax, insurance, PMI, HOA dues or an extra monthly payment.

How is a loan or mortgage payment calculated?

A fixed-rate payment uses the amortization formula M = P · i / (1 − (1 + i)⁻ⁿ), where P is the amount borrowed, i is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments (years × 12). Each payment covers that month's interest first, and the rest reduces the balance.

How much interest will I pay over the life of the loan?

Total interest is the sum of every payment minus the amount you borrowed. Longer terms and higher rates mean far more interest, even when the monthly payment looks lower — the “Total interest” figure and the balance chart make the trade-off easy to see.

What is included in a monthly mortgage payment?

In Mortgage mode the payment is PITI — principal, interest, property tax and homeowners insurance — plus PMI (mortgage insurance, usually charged while you owe more than 80% of the home's value) and any HOA dues. The calculator breaks the total into each of these parts.

How does paying extra each month help?

Any amount above the scheduled payment goes straight to the principal, so you owe less interest every month after. Enter an extra monthly payment and the calculator shows how much interest you save and how many years sooner the loan is paid off.

What is an amortization schedule?

It's a month-by-month (or year-by-year) table showing how each payment splits between interest and principal, and the remaining balance. Early payments are mostly interest; later ones are mostly principal. Toggle Yearly or Monthly to see either view.