Loan Calculator
Calculate monthly payments, total interest paid, and view the complete amortization schedule for any loan.
Frequently Asked Questions
The standard amortization formula is used: M = P[r(1+r)^n]/[(1+r)^n−1], where P = principal, r = monthly rate, n = total payments. Each payment covers that month's interest plus some principal.
A table showing each monthly payment split into principal and interest, plus the remaining balance. Early payments are mostly interest; later payments go mostly toward reducing principal.
Yes. Enter the home price minus your down payment as the loan amount, your mortgage rate, and term in years. Works for any fixed-rate loan type.
Make extra payments toward the principal, get a lower interest rate (improve your credit score first), or choose a shorter loan term — even 0.5% less APR can save thousands.
How Loan Payments Are Calculated
Monthly payments are calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1] where P = principal, r = monthly rate, n = number of payments. Each payment covers the interest due that month and reduces the principal.
Tips for Getting a Better Loan
- Improve your credit score before applying to get lower interest rates.
- Make extra payments toward the principal to pay off faster.
- Shop around — even 0.5% less APR can save thousands over the loan life.