United States · Mortgage · Auto · Personal · Student
Loan payment calculator
Estimate your monthly payment, total interest, and payoff schedule before you talk to a lender. Then compare live offers from our partners.
Calculate your payment
This payment is only an estimate. Real APRs depend on credit, down payment, and lender.
Compare current loan offers →Mortgage rates
Compare 30-year and 15-year fixed offers from multiple lenders.
Auto refinance
See if a lower auto rate could cut your monthly payment.
Personal loans
Debt consolidation and personal loan quotes with no impact to start.
Amortization schedule
Month-by-month principal, interest, and remaining balance.
| Month | Payment | Principal | Interest | Balance |
|---|
How loan payments actually work
Every fixed-rate loan uses the same amortization math. Your payment is set so that equal monthly installments cover accruing interest and slowly reduce principal, hitting $0 on the last scheduled month.
Early payments are mostly interest. Later payments are mostly principal. Extra principal payments cut the tail of that schedule, which is why even $100 extra per month can save years of interest on a mortgage.
- A shorter term raises the monthly bill and usually slashes total interest.
- A lower APR has a compounding effect over 15–30 years.
- Shopping multiple lenders is often worth more than tweaking the term by a year.
This tool does not include taxes, insurance, HOA dues, or origination fees. Mortgage “PITI” will be higher than the principal-and-interest figure shown above.
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.
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.
Why is total interest sometimes more than the loan itself?
On a 30-year mortgage, interest can exceed principal. That’s normal at today’s rates. A 15-year term or extra payments cuts that share quickly.
Is MyLoanCalculator a lender?
No. We provide a free calculator and may earn a commission if you click a partner offer and take a loan. Calculations stay on your device.