Loan Payment Calculator

Monthly payment, total interest and a full amortization schedule.

%
years
months
Optional. Paid on top of the required payment every month.
$1,580.17Monthly payment
$318,861.22Total interest
$568,861.22Total paid
Time to pay off
30 years
Payoff date
August 31, 2056
Number of payments
360

Principal vs interest per year

05K10K15K20KY1: Principal 2.79KY1: Interest 16.17KY1Y2: Principal 2.98KY2: Interest 15.98KY3: Principal 3.18KY3: Interest 15.78KY4: Principal 3.39KY4: Interest 15.57KY4Y5: Principal 3.62KY5: Interest 15.34KY6: Principal 3.86KY6: Interest 15.1KY7: Principal 4.12KY7: Interest 14.84KY7Y8: Principal 4.4KY8: Interest 14.56KY9: Principal 4.69KY9: Interest 14.27KY10: Principal 5.01KY10: Interest 13.95KY10Y11: Principal 5.34KY11: Interest 13.62KY12: Principal 5.7KY12: Interest 13.26KY13: Principal 6.08KY13: Interest 12.88KY13Y14: Principal 6.49KY14: Interest 12.47KY15: Principal 6.92KY15: Interest 12.04KY16: Principal 7.39KY16: Interest 11.57KY16Y17: Principal 7.88KY17: Interest 11.08KY18: Principal 8.41KY18: Interest 10.55KY19: Principal 8.97KY19: Interest 9.99KY19Y20: Principal 9.58KY20: Interest 9.39KY21: Principal 10.22KY21: Interest 8.74KY22: Principal 10.9KY22: Interest 8.06KY22Y23: Principal 11.63KY23: Interest 7.33KY24: Principal 12.41KY24: Interest 6.55KY25: Principal 13.24KY25: Interest 5.72KY25Y26: Principal 14.13KY26: Interest 4.83KY27: Principal 15.07KY27: Interest 3.89KY28: Principal 16.08KY28: Interest 2.88KY28Y29: Principal 17.16KY29: Interest 1.8KY30: Principal 18.31KY30: Interest 651.08PrincipalInterest
Amortization schedule (yearly)
YearPrincipal paidInterest paidRemaining 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

Results are estimates for general information and do not constitute financial advice. Lender terms may differ.

About the Loan Payment Calculator

The Loan Payment Calculator works out how much you will pay each month on any fixed-rate, fully amortizing loan: a mortgage, a car loan, a student loan or a personal loan. Enter the amount borrowed, the annual interest rate and the term, and the tool shows the monthly payment, the total interest over the life of the loan and the payoff date.

It uses the standard amortization formula, M = P × r / (1 − (1 + r)−n), where P is the principal, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Early in the loan most of each payment goes to interest; later, most goes to principal. The yearly table and chart make that shift visible.

Add an optional extra monthly payment to see how much interest you save and how many months earlier the loan is cleared. Even a small overpayment on a long mortgage can remove years from the schedule.

How to use the Loan Payment Calculator

  1. Enter the loan amount, the annual interest rate (APR) and the term in years (add extra months if needed).
  2. Optionally add an extra monthly payment to see the effect of overpaying.
  3. Read the monthly payment, total interest and payoff date. Scroll down for the yearly amortization table and chart.

Frequently asked questions

Does the monthly payment include taxes and insurance?

No. The result is principal and interest only. For a mortgage, add property tax, homeowners insurance, HOA fees and, if applicable, mortgage insurance to estimate the full monthly housing cost.

How do extra payments reduce interest?

Interest is charged on the outstanding balance each month. Any extra amount goes straight to principal, so the balance falls faster, less interest accrues in every following month, and the loan ends earlier.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR (annual percentage rate) also includes lender fees and points, so it is usually slightly higher. Use the interest rate for the most accurate payment figure and APR to compare offers.

Why is my total interest so high on a 30-year mortgage?

Because the balance stays large for many years, you pay interest on most of the principal for a long time. On a 30-year loan at 6.5% total interest can exceed the original amount. A shorter term or extra payments cut this dramatically.