Loan / Mortgage Calculator
Enter a principal amount, interest rate, and term, and get a full amortization schedule showing exactly how each payment splits between principal and interest over the life of a loan or mortgage — not just a single monthly payment figure, but the whole payment-by-payment breakdown.
Why the monthly payment number alone isn’t enough
A single “your monthly payment will be $X” figure answers one question and hides several more important ones: how much of each early payment actually goes toward principal versus interest (usually much less principal than people expect, early on), how the balance actually declines over time, and how much total interest gets paid over the full term of the loan. A full amortization schedule answers all of that at once, which matters whether you’re evaluating a mortgage offer, comparing loan terms, or deciding whether extra payments are worth making.
How to use it
- Enter the loan principal, annual interest rate, and term length.
- The tool generates a complete amortization schedule: every payment, broken into principal and interest, with the running balance after each one.
- Review total interest paid over the life of the loan alongside the monthly payment figure.
- Adjust the term or add extra payments to see how the schedule and total interest change.
Common situations this solves
- Understanding exactly how a mortgage or loan payment breaks down between principal and interest each month
- Comparing total interest cost across different loan terms (15-year vs. 30-year mortgage, for example)
- Seeing how much time and interest an extra monthly payment actually saves
- Sanity-checking a lender’s quoted payment figure against an independent calculation
If part of what you’re financing involves paying down existing debt alongside a new loan, the Snowball vs Avalanche Debt Planner handles the separate question of which existing balance to pay off first — this tool is about a single loan’s schedule, that one is about ordering multiple debts.
FAQ
Does this account for property taxes and insurance on a mortgage, or just principal and interest?
This calculates the core loan amortization — principal and interest — which is the mathematically fixed part of a mortgage payment. Property taxes, homeowners insurance, and PMI vary by location and lender and would need to be added separately to estimate your full monthly housing payment.
How much does an extra payment actually save on total interest?
It depends heavily on the loan’s rate, remaining term, and when the extra payment is made — generally, extra payments made earlier in the loan save more interest than the same amount paid later, since more of an early payment goes toward principal that would otherwise keep accruing interest. Run the numbers with your specific loan for an exact figure.
Can I use this for any type of loan, not just a mortgage?
Yes — the same amortization math applies to auto loans, personal loans, and any other fixed-rate installment loan, not just mortgages.
Is this financial advice on whether to take a particular loan?
No — this is a calculator that shows you the math for numbers you enter, not a recommendation on loan terms, lenders, or whether a particular loan is right for your situation. For advice specific to your finances, consult a financial advisor.