Loan & Mortgage Calculator

How this loan calculator works

Enter your loan amount, annual interest rate, and term in years. The calculator uses the standard amortization formula to work out your fixed monthly payment, then breaks each payment into principal and interest all the way to payoff.

What's an amortization schedule?

Each monthly payment on a fixed-rate loan is the same amount, but the mix behind it shifts over time: early payments are mostly interest, later payments are mostly principal. The schedule above shows that breakdown for every month of the loan.

Tips for lowering total interest

• A shorter term means a higher monthly payment but far less interest paid overall.
• Making extra payments toward principal reduces the balance interest is calculated on for every remaining month.
• Even a 1% lower rate makes a large difference over a 20–30 year term — it's worth shopping around.