Loan and mortgage calculator
Enter the amount, rate and term to see the monthly payment, the total interest and the payoff date. Add an extra monthly payment or a one-time payment to see how much time and interest it saves, or turn it around to see how much a payment lets you borrow. You also get the year-by-year schedule, a balance chart and a CSV download. It works for any fixed-rate loan that is paid off in equal monthly instalments, and everything is worked out in your browser.
A nominal annual rate. Interest is worked out every month at one twelfth of it. Enter 0 for an interest-free loan.
Up to 50 years (600 months).
The first payment is one month after this date. Leave empty to see month numbers only.
Result
- Monthly payment
- $1,199.10
- Total paid
- $431,677.04
- Total interest
- $231,677.04
- Time to pay off
- 30 years 0 months (360 payments)
- Final payment
- $1,200.14
Balance over time
Line chart of the remaining balance. It starts at $200,000.00 and falls to 0 after 360 months. After one year the balance is $197,543.99, halfway through (180 months) it is $142,097.98.
Amortisation schedule
One row per year. Open a year to see its months.
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| $14,389.20 | $2,456.01 | $11,933.19 | $197,543.99 | |
| $14,389.20 | $2,607.49 | $11,781.71 | $194,936.50 | |
| $14,389.20 | $2,768.30 | $11,620.90 | $192,168.20 | |
| $14,389.20 | $2,939.07 | $11,450.13 | $189,229.13 | |
| $14,389.20 | $3,120.33 | $11,268.87 | $186,108.80 | |
| $14,389.20 | $3,312.80 | $11,076.40 | $182,796.00 | |
| $14,389.20 | $3,517.13 | $10,872.07 | $179,278.87 | |
| $14,389.20 | $3,734.06 | $10,655.14 | $175,544.81 | |
| $14,389.20 | $3,964.35 | $10,424.85 | $171,580.46 | |
| $14,389.20 | $4,208.86 | $10,180.34 | $167,371.60 | |
| $14,389.20 | $4,468.45 | $9,920.75 | $162,903.15 | |
| $14,389.20 | $4,744.06 | $9,645.14 | $158,159.09 | |
| $14,389.20 | $5,036.67 | $9,352.53 | $153,122.42 | |
| $14,389.20 | $5,347.31 | $9,041.89 | $147,775.11 | |
| $14,389.20 | $5,677.13 | $8,712.07 | $142,097.98 | |
| $14,389.20 | $6,027.29 | $8,361.91 | $136,070.69 | |
| $14,389.20 | $6,399.04 | $7,990.16 | $129,671.65 | |
| $14,389.20 | $6,793.71 | $7,595.49 | $122,877.94 | |
| $14,389.20 | $7,212.70 | $7,176.50 | $115,665.24 | |
| $14,389.20 | $7,657.58 | $6,731.62 | $108,007.66 | |
| $14,389.20 | $8,129.90 | $6,259.30 | $99,877.76 | |
| $14,389.20 | $8,631.33 | $5,757.87 | $91,246.43 | |
| $14,389.20 | $9,163.70 | $5,225.50 | $82,082.73 | |
| $14,389.20 | $9,728.89 | $4,660.31 | $72,353.84 | |
| $14,389.20 | $10,328.94 | $4,060.26 | $62,024.90 | |
| $14,389.20 | $10,966.02 | $3,423.18 | $51,058.88 | |
| $14,389.20 | $11,642.38 | $2,746.82 | $39,416.50 | |
| $14,389.20 | $12,360.46 | $2,028.74 | $27,056.04 | |
| $14,389.20 | $13,122.81 | $1,266.39 | $13,933.23 | |
| $14,390.24 | $13,933.23 | $457.01 | $0.00 |
How the numbers are worked out
- •Rate: the annual rate is a nominal rate compounded monthly. Each month the interest is the remaining balance times the rate divided by 12. Your lender may quote an effective rate (APY or the like), which is not the same number.
- •Payment: the level payment is P x r / (1 - (1 + r)^-n), where P is the amount, r the monthly rate and n the number of months. At 0% it is simply the amount divided by the months.
- •Rounding: everything is counted in whole cents. Interest for a month is rounded to the nearest cent (halves go up) and the payment is rounded to the nearest cent. Because of that rounding the final payment is whatever clears the balance, so it can differ from the level payment. On a 200,000 loan at 6% over 30 years it is 1.04 higher; on a very long, high-rate loan the gap is larger.
- •Timing: payments are made at the end of each month, and the first one falls one month after the start date. If the start day does not exist in a later month (the 31st, say), the payment date moves to the last day of that month.
- •Extra payments: they go straight to the balance after that month's interest is charged, so the loan ends sooner and the interest after that point is never charged. The comparison is against the same loan without them.
- •Reverse modes: "how much can I borrow" runs the payment formula backwards, and "how long to pay off" steps through the months with your payment until the balance is zero. Both use the same rounding.
Illustration only, not financial advice
Real loans differ. Lenders may charge fees, accrue interest daily, round in their own way, add insurance or taxes, change the rate, or take payments on different days. Use this page to understand how a loan behaves, and rely on your lender's own figures for what you will actually pay. Nothing you type is sent anywhere.
How it works
- •Choose what you want to find: the monthly payment for a loan, how much a given payment lets you borrow, or how long a given payment takes to clear a loan.
- •Fill in the amount, the yearly interest rate and the term. Add a start date if you want real payment dates, and extra payments if you plan to pay more.
- •Read the payment, total interest and payoff date. With extra payments the page also shows the months and interest saved compared with the same loan without them.
- •Open a year in the schedule to see each month's split between interest and principal, or download the whole schedule as a CSV file for a spreadsheet.
Questions
- Is the interest rate here the same as my lender's rate?
- Only if your lender quotes a nominal annual rate (APR) compounded monthly, which is common for mortgages and personal loans. Some lenders quote an effective annual rate or calculate interest daily, which gives slightly different figures. Check the rate type on your loan documents.
- Why does the last payment differ from the others?
- Every amount is rounded to the cent, so after the final regular payment a few cents can be left over or already overpaid. The last payment is adjusted to clear the balance exactly. On a 200,000 loan at 6% over 30 years, the last payment is 1.04 higher than the others.
- Does this include taxes, insurance or fees?
- No. It covers only the loan itself: principal and interest. Mortgage escrow, property tax, insurance, origination fees and early-repayment charges come on top and vary by lender, so use your lender's quote for the real monthly cost.
- Are my numbers sent anywhere?
- No. The calculation happens in your browser and nothing you type is sent, stored or shared. Reloading the page resets the form.