| Year | Principal Paid | Interest Paid | Remaining Balance |
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Loan Calculator computes the monthly payment, total interest, and full amortization schedule for any fixed-rate loan. Enter the principal amount, annual interest rate, and loan term in years or months, and the calculator instantly outputs your exact monthly payment using the standard amortization formula, plus a month-by-month breakdown of principal and interest.
The amortization formula derives from the time value of money: each payment covers that month's interest first (principal × monthly rate), with the remainder reducing the principal. Early payments are mostly interest; later payments are mostly principal. This schedule reveals the true cost of a loan — a 30-year mortgage at 7% on a $400,000 principal costs over $558,000 in total interest, nearly 140% of the original loan.
Use this calculator for mortgages, auto loans, personal loans, student loans, and business financing. The amortization schedule is especially valuable when comparing a 15-year vs 30-year mortgage (the 15-year has higher monthly payments but dramatically less total interest), evaluating refinancing decisions, or understanding how much principal remains at a given point in the loan.
$300,000 principal, 7% rate, 30 years
Result: Monthly payment: $1,995.91 / Total interest: $418,527 / Total cost: $718,527
$25,000 auto loan, 5.9% rate, 60 months
Result: Monthly payment: $482.14 / Total interest: $3,928 / Total cost: $28,928
Same $300k at 15 years vs 30 years
Result: 15yr: $2,696/mo, $185,220 interest vs 30yr: $1,996/mo, $418,527 interest — 15yr saves $233,307 total
What is an amortization schedule?
A month-by-month table showing how each payment divides between interest and principal reduction. Early in a loan, most of each payment covers interest. As the balance decreases, less interest accrues each month and more of each payment goes to principal.
Does the calculator include property taxes and insurance?
No — this calculator computes principal and interest (P&I) only. Your actual mortgage payment (PITI) includes property taxes, homeowner's insurance, and possibly PMI. Add those separately for the full picture.
What is APR vs interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus lender fees (origination fees, discount points, etc.), making it a better comparison tool across lenders. This calculator uses the nominal interest rate.
How does paying extra principal help?
Extra principal payments reduce the balance faster, so future months accrue less interest. On a 30-year mortgage, a consistent extra $200/month payment can cut the term by 4-6 years and save tens of thousands in interest.
What is a balloon payment?
Some loans require a large lump-sum 'balloon' payment at the end of the term after lower monthly payments. This calculator models fully amortizing loans where the balance reaches zero at the final payment.