What is an amortization schedule?

An amortization schedule is a complete table of every loan payment over the life of the loan, showing for each payment how much goes to interest and how much reduces the principal balance. In the early months of a loan, most of each payment covers interest. As the principal decreases, the interest portion shrinks and more of each payment goes toward reducing the balance. The schedule shows the remaining balance after every payment.

How much interest do extra monthly payments save?

The savings depend on the loan size, interest rate, and how early you start making extra payments — but the effect is significant. On a 30-year mortgage at 7% interest, paying an extra $200 per month can save tens of thousands of dollars in total interest and cut several years off the loan term. Use the extra payment field in the calculator to see the exact savings for your specific loan.

What is the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has a higher monthly payment but a much lower total interest cost because the principal is paid off in half the time. A 30-year mortgage has a lower monthly payment, making it more affordable month-to-month, but the interest accumulates for twice as long. The calculator lets you enter both scenarios and compare the total interest paid to make an informed decision.

Does this calculator account for property taxes and insurance?

The loan calculator computes principal and interest payments only, not the full PITI (principal, interest, taxes, insurance) payment that mortgage servicers typically collect. Property taxes and insurance premiums vary widely by location and policy, so they are not included in the base calculation. Add your estimated monthly tax and insurance amounts separately to estimate your total housing payment.

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Loan & Mortgage Calculator

Calculate monthly payments, total interest, and generate an amortization schedule.

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How to Use

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Input the loan amount, annual interest rate, and loan term in years or months. All calculations run locally in your browser for privacy.

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See your monthly payment, total interest paid, total amount repaid, and full amortization schedule. Adjust any input to see updated results instantly.

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Copy the monthly payment amount or full schedule. Use for mortgage planning, auto loan comparison, personal loan evaluation, or financial education.

What is Loan & Mortgage Calculator?

The loan calculator computes your monthly mortgage or loan payment, total interest paid over the loan term, and a full amortization schedule broken down payment by payment, based on your principal, interest rate, and term. It also lets you add extra monthly payments and instantly see how much faster the loan is paid off and how much interest you save. This mortgage calculator is accurate for fixed-rate loans of any size.

Why use Loan & Mortgage Calculator?

Seeing the full amortization schedule reveals how much of each early payment goes to interest versus principal — a fact that surprises most borrowers and motivates smarter payoff strategies. The extra payment simulator lets you quantify exactly how much a small additional payment each month saves over the life of a loan. This tool handles both short-term personal loans and 30-year mortgages with equal accuracy.

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How it works

Homebuyers use this tool to compare different loan terms (15-year vs 30-year) and decide which payment structure fits their budget. Borrowers with existing mortgages use the extra payment feature to see how much interest they save by rounding up their monthly payment. Financial planning students use the amortization schedule to understand how compound interest accumulates over a loan term.

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Pro Tip

When comparing loan offers, focus on the total interest paid (not just the interest rate or monthly payment) — a slightly lower rate on a longer term can result in significantly more total interest paid than a higher rate on a shorter term.

Frequently Asked Questions

You need three values: the principal (the total loan amount you are borrowing), the annual interest rate, and the loan term in years or months. The calculator uses these to compute the fixed monthly payment using the standard amortization formula. Optional extra monthly payments can be added to see their effect on total interest and payoff timeline.

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