Loan / Mortgage Calculator
Calculate monthly mortgage payments, total interest, and view a full amortization schedule. Works for any loan type. No signup required.
Loan Details
Results
Monthly Payment
$1,896.20
Total Payment
$682,633.47
Total Interest
$382,633.47
Payment Breakdown
How to Use Loan / Mortgage Calculator
- 1
Enter loan amount
Enter the total amount you plan to borrow.
- 2
Set interest rate
Enter the annual interest rate offered by your lender.
- 3
Choose loan term
Enter the loan term in years (e.g., 15 or 30 for a mortgage).
- 4
Review results
See your monthly payment, total cost, and detailed amortization schedule.
Frequently Asked Questions
Related Tools
The Real Cost of Borrowing Money
The sticker price of a loan — the amount you borrow — is only part of what you'll pay. Interest accumulates over the loan term, and on long-term loans, that interest can approach or even exceed the original principal. A $20,000 car loan at 8% over 5 years costs $4,332 in interest — reasonable. The same loan extended to 7 years adds another $2,000 in interest. A $200,000 personal loan at 10% over 20 years costs more in interest ($252,000) than the original loan amount.
Understanding the total cost of a loan — not just the monthly payment — is the most important calculation before signing. Monthly payment calculators are useful but incomplete; total cost tells the real story.
APR vs Interest Rate: The Difference Matters
Lenders are required to disclose APR (Annual Percentage Rate) in addition to the interest rate. The interest rate is the base cost of the loan. APR includes the interest rate plus fees — origination fees, closing costs, mortgage points — expressed as an annualized percentage. For mortgages, the APR can be meaningfully higher than the stated rate. For simple personal loans with no fees, they may be identical. When comparing loan offers, always compare APRs, not just interest rates.
The Power of Extra Payments
Extra payments on a loan reduce your principal directly, which reduces the interest calculated each subsequent month. The effect is asymmetric: extra payments made early in the loan term save more than the same extra payments made later, because they eliminate more years of compounding interest. On a $20,000 loan at 8% over 5 years, paying an extra $100/month saves about $1,200 in interest and cuts 16 months off the loan. Even a single extra payment per year significantly accelerates payoff on longer loans.
Fixed vs Variable Rate Loans
Fixed-rate loans keep the same interest rate for the full loan term — your payment is predictable. Variable-rate loans start with a lower rate that adjusts periodically based on a benchmark index (like SOFR). Variable rates carry the risk that payments rise if benchmark rates increase. For short-term loans, variable rates can save money. For long-term borrowing — 15-30 year mortgages — the certainty of a fixed rate is usually worth the slightly higher initial cost, particularly in low-rate environments where rates have more room to rise than fall.