Loan & Mortgage Payment Calculator

What this tool does

Enter a loan or home price, a down payment, an interest rate, and a term, and you get the exact monthly payment along with a full amortization schedule showing how much of every payment goes to principal versus interest. It also models extra monthly payments so you can see exactly how much time and interest you'd save by paying a little more each month.

Who it's for

Home buyers comparing mortgage offers, anyone financing a car or personal loan, or someone deciding whether it's worth paying extra toward principal each month. The amortization schedule works for any fixed-rate installment loan, not just mortgages.

How to use it

• Enter the loan or home price and your down payment (leave down payment blank or at 0 for a plain loan).
• Enter the annual interest rate and the loan term in years.
• Optionally add an extra monthly payment to see how much faster the loan gets paid off.
• Switch the schedule view between a yearly summary and the full month-by-month breakdown, and export it as a CSV for your records.

Real-world examples

A $350,000 home with a $70,000 down payment, 6.5% interest, and a 30-year term comes out to roughly $1,769 a month, with total interest over the life of the loan often exceeding the original loan amount. Add just $150 extra per month and you can knock several years and tens of thousands of dollars off the total interest — the calculator shows exactly how much.

Frequently asked questions

How is a monthly mortgage payment calculated?

Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.

Does this include property taxes and insurance?

No — this calculates principal and interest only (the core loan payment). Taxes, homeowners insurance, and PMI vary by location and lender and aren't included.

How much interest will I pay over the life of the loan?

The "Total Interest Paid" result adds up every interest portion across the full schedule — on a 30-year mortgage this is often close to or more than the amount you borrowed.

Does paying extra each month actually make a big difference?

Yes — extra payments go straight to principal, which reduces the interest charged in every future month. Even a modest extra amount can shave years off a 30-year loan.

Can I use this as a car loan or personal loan calculator?

Yes — the same amortization math applies to any fixed-rate, fixed-term loan, not just mortgages. Just enter the loan amount, rate, and term.