Monthly Payment
$1,264.14
Total Payment
$455,088.98
Total Interest
$255,088.98
Payment Breakdown
How to Use the Loan Calculator
- Enter the Loan Amount — the total amount you are borrowing.
- Enter the Annual Interest Rate as a percentage (e.g., 6.5 for 6.5%).
- Enter the Loan Term in years.
- Results update instantly — monthly payment, total payment, and total interest.
- Click Show Amortization Schedule to see a month-by-month breakdown.
Understanding the Results
- Monthly Payment — The fixed amount you pay each month, covering both principal and interest.
- Total Payment — Monthly payment × number of months. Includes principal + all interest.
- Total Interest — Total payment minus the original loan amount. This is the cost of borrowing.
- Amortization Schedule — A month-by-month table showing how each payment is split between principal and interest, and the remaining balance.
Frequently Asked Questions
What formula is used?
This calculator uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments.
Does this work for mortgages?
Yes. Enter the home loan amount, your interest rate, and the term (e.g., 30 years). The result is your standard principal-and-interest monthly payment, which is how most fixed-rate mortgages work.
Does it account for extra payments?
The current version calculates a standard fixed payment schedule. Extra payments would reduce your balance and total interest, but this tool shows the baseline without prepayments.
What about taxes and insurance?
This calculator covers principal and interest only. For a full mortgage estimate, add property tax, homeowner's insurance, and PMI (if applicable) separately.