Loan & Mortgage Payment Calculator

Your monthly payment is calculated using the loan amortization formula, based on your loan amount (minus any down payment), annual interest rate, and loan term. The result is a fixed payment that stays the same every month, though the split between principal and interest changes over time.

An amortization schedule shows how each loan payment is split between interest and principal over the life of the loan. Early payments are mostly interest; later payments are mostly principal. This calculator generates both a yearly summary and a full monthly schedule.

Even a small extra monthly payment goes entirely toward your principal, which reduces the interest charged in every future period. Over a 30-year mortgage, an extra $100–$200 per month can save tens of thousands of dollars in interest and cut years off your loan term. Enter an amount in the extra payment field to see your exact savings.

This calculator estimates principal and interest (P&I) only, which is the core of every loan or mortgage payment. It does not include property taxes, homeowners insurance, PMI, or HOA fees, which vary by location and lender and should be added separately when budgeting your total monthly housing cost.

Yes. The same amortization math applies to mortgages, auto loans, and personal loans. Use the tabs at the top to switch the loan type label, then enter the loan amount, rate, and term for your specific loan to get an accurate monthly payment and schedule.

Yes, this loan and mortgage calculator is completely free to use with no sign-up required. It uses the standard, widely-used amortization formula that lenders use for fixed-rate loans, so the numbers closely match what you'll see on an official loan estimate — though your lender's final terms, fees, and rounding may cause small differences.