United States · Mortgage · Auto · Personal · Student
Loan payment calculator
Estimate your monthly payment, total interest, and payoff schedule before you talk to a lender. The math runs in your browser. This is an educational estimate, not a loan offer.
Calculate your payment
Amortization schedule
Month-by-month principal, interest, and remaining balance.
| Month | Payment | Principal | Interest | Balance |
|---|
How loan payments actually work
Every fixed-rate US loan uses the same amortization math. The lender sets one monthly payment so that equal installments cover that month’s interest and reduce principal, reaching $0 on the last scheduled month. This page computes that payment, the interest you would pay over the full term, and a month-by-month schedule.
Interest is charged on the remaining balance. In the first years of a 30-year mortgage, most of each payment is interest. Later payments flip: most of the check goes to principal. That is why two loans with the same rate can cost very different amounts of interest if the terms differ.
The payment formula
For a fully amortizing fixed-rate loan, the monthly payment is M = P × [r(1+r)n] ÷ [(1+r)n − 1]. P is the amount borrowed. r is the monthly rate (APR divided by 12). n is the number of months. If you enter an extra monthly amount, this tool applies it to principal after the scheduled payment, then rebuilds the remaining schedule.
Mortgage, auto, personal, and student loans
The formula does not change by loan type. What changes is a typical amount, rate, and term. A 30-year mortgage spreads a large balance over 360 months, so the payment looks smaller and total interest looks large. A 60-month auto loan does the opposite. A personal loan often has a higher APR and a 2–7 year term. A student loan may use a longer term and a rate set by the federal program or a private lender.
Use the type buttons only as starting points. Replace the defaults with the amount on your loan estimate, the APR the lender quoted (not the marketing “as low as” rate), and the term in the contract.
What this calculator does not include
The figure above is principal and interest only. A mortgage payment you actually send often includes property tax, homeowners insurance, and sometimes PMI or HOA dues (PITI). Origination fees, discount points, title costs, and prepaid interest are paid at closing and are not in this schedule. Auto loans may add taxes and extended warranties to the financed amount; if those are in the contract, put the full financed amount in Loan amount.
How to use the amortization table
Each row is one month: the payment, how much of it reduced principal, how much was interest, and the balance left. Scroll the table to see when the interest share shrinks. If you add extra principal, the table shortens and the payoff date moves up. That is the cleanest way to see whether $50 or $200 extra per month is worth it for your numbers.
Rate shopping still matters more than small term tweaks
A 0.25% APR difference on a $250,000 mortgage is thousands of dollars over 30 years. Getting quotes from more than one lender, and asking for the APR (which includes some fees) rather than only the note rate, usually moves the total cost more than changing the term by a year. This site is not a lender and does not quote credit-based rates.
Longer guides
Frequently asked questions
How is the monthly payment calculated?
M = P × [r(1+r)n] ÷ [(1+r)n − 1]. P is the amount borrowed, r is the monthly rate (APR ÷ 12), and n is the number of months. The schedule then applies that payment each month to interest first, then principal.
Can I use this for a car loan or personal loan?
Yes. Tap Auto, Personal, or Student to load typical US terms, then edit the fields. The formula does not change. Put the amount you will actually finance, including any fees rolled into the loan.
Why is total interest sometimes more than the loan itself?
On a 30-year mortgage, interest can exceed principal. That is normal when the balance stays high for many years. A 15-year term or extra principal payments cut that share quickly because the balance falls sooner.
Does this include taxes and insurance?
No. Those are not part of amortization. Add tax and insurance from your lender’s estimate if you want a PITI-style total. This page stays on principal and interest so the schedule stays exact.
Is MyLoanCalculator a lender?
No. This is a free educational calculator. Calculations stay on your device. Nothing you enter is stored on a server. It is not financial, tax, or legal advice and not a loan offer.