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Loan Calculator

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About This Calculator

This loan calculator shows your monthly payment and a full amortization schedule — a month-by-month breakdown of how much of each payment goes to principal versus interest. It works for mortgages, car loans, personal loans, and student loans.

How to use it

1. Loan amount — enter the total amount you're borrowing (not including a down payment).
2. Interest rate — enter the annual interest rate your lender quoted (e.g. 6.5).
3. Loan term — enter how many years the loan runs (e.g. 15 or 30).
4. Click Calculate to see your monthly payment, total interest, and the full payment schedule.

Why the early payments are mostly interest

With a standard fixed-rate loan, your monthly payment stays the same throughout the loan — but what that payment covers changes every month. In the early years, most of each payment goes toward interest because you still owe a large balance. As you pay down the principal, the interest portion shrinks and more of your payment goes toward the actual loan balance. This is called amortization.

For example, on a 30-year $300,000 mortgage at 6.5%, your first payment might be about $1,896 — but roughly $1,625 of that goes to interest and only $271 reduces your balance. By year 25, the split reverses.

15-year vs. 30-year mortgage

A 30-year mortgage gives you a lower monthly payment but costs significantly more in total interest. A 15-year mortgage has higher monthly payments but you pay off the loan faster and pay far less interest overall. Use this calculator to compare both options side by side.

Frequently asked questions