How to use
Enter the loan amount, annual interest rate and term. You get the monthly payment, total interest and total repaid, plus a full amortization schedule by year or by month. It works for mortgages, car loans and personal loans.
Equal payments or equal principal?
With equal payments (an amortizing loan, the usual choice for mortgages) every monthly payment is the same; early payments are mostly interest. With equal principal you repay the same principal each month plus interest on what’s left, so payments start higher and fall every month, and total interest is lower.
Why might my lender’s numbers differ slightly?
This calculator rounds each month’s interest to the cent, as lenders do, and adjusts the last payment so the balance ends at exactly zero. Lenders may also count interest by actual days, charge fees or change variable rates over time, so treat the result as an estimate.