Loan / Mortgage Calculator
Estimate monthly payments, total interest, and view full amortization schedule
Loan Parameters
$300,000
6.5%
360 mo (30.0 yr)
$0
Monthly Payment
$1,896.20
Total Payment
$682,633.47
360 payments
Total Interest
$382,633.47
Interest Ratio
56.1%
of total payment
Principal vs Interest Breakdown
44% Principal
56% Interest
Principal: $300,000.00Interest: $382,633.47
Amortization Schedule(360 payments)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
How to use / Why use this tool / FAQ
How to use
Enter the loan amount, annual interest rate, and loan term (in months). Results update instantly. Optionally add an extra monthly payment to see how it reduces total interest. Expand the Amortization Schedule to see a month-by-month breakdown.
Why use this tool
Plan your mortgage, car loan, or personal loan before signing. Visualize exactly how much interest you pay over time and how extra payments can save money.
FAQ
- What formula is used?
- The standard amortizing loan formula: M = P × r(1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is number of payments.
- Does it support extra monthly payments?
- Yes. Enter an extra monthly payment amount to see how it shortens the loan term and reduces total interest.
- Can I use it for mortgages?
- Yes. Enter the home loan amount, your mortgage rate, and term (e.g. 360 months for 30 years) to get the monthly payment.
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