Mortgage shopping. Compare 15-year vs 30-year terms or two different rates side by side. Car loans. See the real cost of a "0% APR" vs a rebate-and-finance offer. Personal loans / debt consolidation. Decide whether a lower rate over a longer term saves money or just spreads pain. Extra-payment planning. Test "$200/month extra" or "lump sum once a year" scenarios. Refinance check. Compute remaining interest at the current rate, then re-enter the smaller balance at the new rate and term.

APR ≠ note rate. The annual percentage rate (APR) in disclosures includes fees and points; the "note rate" here is the bare interest rate. APR is the better number for comparing loans, but the note rate is what computes your payment. Compounding convention. US mortgages compound monthly: monthly rate = annual / 12. Canadian mortgages compound semi-annually by law (so monthly rate is slightly different). This calculator uses simple monthly compounding — adjust if you're modelling a Canadian or unusual product. Escrow / impounds aren't shown. Your mortgage servicer usually adds property tax and insurance to your monthly payment and pays them on your behalf. That's not included here — see mortgage-affordability-calculator for PITI. Variable-rate loans. ARM, tracker, or variable-rate mortgages re-calculate after each rate change. This tool assumes a single fixed rate for the full term — useful as a "if rate stayed flat" baseline, not a forecast. Prepayment penalties. Some loans (esp. US auto and short-term mortgages from before 2010) charge a fee for paying extra. Read your terms before relying on the "extra payment saves Y interest" figure. Rounding. Banks round each monthly payment to cents and absorb the final cent or two in the last payment. Our schedule does the same — the last row's balance is forced to zero.

mortgage-affordability-calculator — work backwards from your income to a max price, then use this tool to see the schedule. percentage-calculator — quick check on rate changes (e.g. what's 6.5% × 1.1?). currency-converter — if you're modelling a loan in a foreign currency.

Loan Calculator

Compute monthly payment, total interest, and full amortization schedule for any loan. Fixed-rate, simple-interest, principal+interest. Browser-only.

Principal (loan amount)

Interest rate (annual %)

Term

Term unit

Extra payment per month (optional)

Currency symbol

Result

What is this for?

For any fixed-rate loan — mortgage, car, personal — the monthly payment, total interest, and balance trajectory are fully determined by three numbers: principal, rate, and term. This tool computes all of them and renders the month-by-month amortization schedule so you can see exactly where each payment goes. The extra-payment slider lets you check the impact of paying a little above the required amount, which on a mortgage often shortens the loan by years.

The amortization formula

For a loan of principal L at monthly rate r over n months, the fixed monthly payment P that exactly pays it off is:

P = L × r(1+r)^n / ((1+r)^n − 1)

Each month the interest accrued is balance × r; the rest of the payment chips away at principal. Early in the loan, most of the payment is interest; late in the loan, most is principal. That's why paying extra early saves disproportionately more interest than paying extra late.

When to use it

Mortgage shopping. Compare 15-year vs 30-year terms or two different rates side by side.
Car loans. See the real cost of a "0% APR" vs a rebate-and-finance offer.
Personal loans / debt consolidation. Decide whether a lower rate over a longer term saves money or just spreads pain.
Extra-payment planning. Test "$200/month extra" or "lump sum once a year" scenarios.
Refinance check. Compute remaining interest at the current rate, then re-enter the smaller balance at the new rate and term.

Common gotchas

APR ≠ note rate. The annual percentage rate (APR) in disclosures includes fees and points; the "note rate" here is the bare interest rate. APR is the better number for comparing loans, but the note rate is what computes your payment.
Compounding convention. US mortgages compound monthly: monthly rate = annual / 12. Canadian mortgages compound semi-annually by law (so monthly rate is slightly different). This calculator uses simple monthly compounding — adjust if you're modelling a Canadian or unusual product.
Escrow / impounds aren't shown. Your mortgage servicer usually adds property tax and insurance to your monthly payment and pays them on your behalf. That's not included here — see mortgage-affordability-calculator for PITI.
Variable-rate loans. ARM, tracker, or variable-rate mortgages re-calculate after each rate change. This tool assumes a single fixed rate for the full term — useful as a "if rate stayed flat" baseline, not a forecast.
Prepayment penalties. Some loans (esp. US auto and short-term mortgages from before 2010) charge a fee for paying extra. Read your terms before relying on the "extra payment saves Y interest" figure.
Rounding. Banks round each monthly payment to cents and absorb the final cent or two in the last payment. Our schedule does the same — the last row's balance is forced to zero.

Pairs with

mortgage-affordability-calculator — work backwards from your income to a max price, then use this tool to see the schedule.
percentage-calculator — quick check on rate changes (e.g. what's 6.5% × 1.1?).
currency-converter — if you're modelling a loan in a foreign currency.