Loan & Mortgage Calculator
Work out monthly repayments, total interest, and a full amortisation schedule for a loan or mortgage. Everything runs locally in your browser.
New to this? Read the Loan Calculator guide →
- Monthly payment
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- Total interest
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- Total cost
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Balance over time
Amortisation schedule (per year)
| Year | Principal | Interest | Balance |
|---|
Estimates only, for a fixed-rate loan with monthly repayments. Not financial advice.
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How to use the loan calculator
- Enter the loan amount, the annual interest rate and the term in years.
- Read the monthly payment, the total interest over the life of the loan, and the total you will repay.
- Use the chart and the year-by-year schedule to see how the balance falls over time.
Everything is calculated in your browser, and the result is an estimate for comparison rather than a quote.
How the monthly payment is worked out
A fixed-rate loan uses the standard amortisation formula, which keeps every monthly payment the same. Early on, most of each payment is interest and only a little goes to the principal; as the balance shrinks, that flips and more of each payment chips away at what you owe. That is why paying a little extra in the early years saves a disproportionate amount of interest.
What moves the payment
- Rate. Even half a percentage point noticeably changes the monthly cost and the total interest.
- Term. A longer term lowers the monthly payment but raises the total interest; a shorter term does the opposite.
- Amount. The payment scales directly with how much you borrow.
This figure is principal and interest only. A real mortgage or car loan may add taxes, insurance and fees, so your actual payment can be higher. If you are weighing how to clear debt fastest, read debt snowball vs. avalanche.
Where you'd use this
Working out what a mortgage or car loan actually costs before signing, and testing what an extra payment each month would do to the total.
For example: A $500,000 mortgage at 6% over 30 years costs about $2,998 a month and roughly $579,000 in interest. Adding $200 a month clears it more than three years early and saves around $80,000 of that interest.
Common scenarios
Frequently asked questions
How is my monthly loan payment calculated?
From the loan amount, interest rate and term using the standard amortisation formula. The calculator also shows the total interest paid over the life of the loan.
What is the difference between principal and interest?
Principal is the amount you borrowed; interest is the cost of borrowing it. Early payments go mostly to interest, shifting toward principal over time.
Is this a loan offer or financial advice?
No. Results are estimates for comparison only and exclude fees and lender-specific terms. All figures stay in your browser.