Loan & Mortgage Calculator
Guide: How Loan Payments Are Calculated (With a Worked Example)
Optional. Pays the loan off sooner.
- Monthly payment
- $1,580.17
- Total interest
- $318,861.22
- Total paid
- $568,861.22
Paid off in 30 years.
Payment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,794.31 | $16,167.73 | $247,205.69 |
| 2 | $2,981.45 | $15,980.59 | $244,224.23 |
| 3 | $3,181.13 | $15,780.91 | $241,043.10 |
| 4 | $3,394.17 | $15,567.87 | $237,648.93 |
| 5 | $3,621.49 | $15,340.55 | $234,027.44 |
| 6 | $3,864.03 | $15,098.02 | $230,163.42 |
| 7 | $4,122.81 | $14,839.23 | $226,040.61 |
| 8 | $4,398.92 | $14,563.12 | $221,641.69 |
| 9 | $4,693.52 | $14,268.52 | $216,948.17 |
| 10 | $5,007.86 | $13,954.18 | $211,940.32 |
| 11 | $5,343.24 | $13,618.80 | $206,597.07 |
| 12 | $5,701.09 | $13,260.95 | $200,895.99 |
| 13 | $6,082.90 | $12,879.14 | $194,813.09 |
| 14 | $6,490.28 | $12,471.76 | $188,322.80 |
| 15 | $6,924.95 | $12,037.09 | $181,397.85 |
| 16 | $7,388.73 | $11,573.31 | $174,009.13 |
| 17 | $7,883.56 | $11,078.48 | $166,125.56 |
| 18 | $8,411.54 | $10,550.50 | $157,714.02 |
| 19 | $8,974.88 | $9,987.16 | $148,739.15 |
| 20 | $9,575.94 | $9,386.10 | $139,163.21 |
| 21 | $10,217.26 | $8,744.78 | $128,945.95 |
| 22 | $10,901.53 | $8,060.51 | $118,044.42 |
| 23 | $11,631.62 | $7,330.42 | $106,412.80 |
| 24 | $12,410.61 | $6,551.43 | $94,002.18 |
| 25 | $13,241.78 | $5,720.26 | $80,760.41 |
| 26 | $14,128.60 | $4,833.44 | $66,631.80 |
| 27 | $15,074.82 | $3,887.22 | $51,556.98 |
| 28 | $16,084.41 | $2,877.63 | $35,472.57 |
| 29 | $17,161.61 | $1,800.43 | $18,310.96 |
| 30 | $18,310.96 | $651.08 | $0.00 |
Nothing you enter or choose here leaves your device. This tool runs in your browser.
How to use
- 1Enter the loan amount, the yearly interest rate and the term in years.
- 2Read your monthly payment, the total interest and the total you will pay.
- 3Add an optional extra monthly payment to see how much time and interest it saves.
- 4Open the schedule to see the principal and interest for every year or month.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard fixed-rate formula: the loan is paid off in equal monthly instalments, where each payment covers that month's interest and reduces the balance. Early payments are mostly interest, and later ones are mostly principal.
Does it include taxes, insurance or fees?
No. The result is the principal and interest payment only. For a mortgage, add property tax, home insurance and any mortgage insurance to get the full monthly cost.
How do extra payments help?
Extra money goes straight to the balance, so you owe less interest every month after that. Even a small extra amount can cut years from a long loan, and the calculator shows how many months and how much interest you save.
Is my information saved?
No. The calculation runs in your browser and nothing is sent or stored.
Read the guides
Learn how this works and how to get the most from it.
Money, health & time
How Loan Payments Are Calculated (With a Worked Example)
See the formula behind a monthly loan payment, how interest and principal split over time, and how extra payments save money.
1 min read
Money, health & time
Compound Interest Explained: How Money Grows Over Time
What compound interest is, how the formula works, why compounding frequency matters, and how the Rule of 72 gives a quick estimate.
1 min read
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