Free Loan Payment Calculator - Calculate Monthly Payments & Total Interest
Calculate loan payments for mortgages, auto loans, personal loans, and more. See how extra payments can save you thousands in interest and years of payments.
Loan Details
Mortgage Loan: Home loan for purchasing or refinancing real estate
Typical rates: 6.0% - 8.0% | Typical terms: 15-30 years
Enter the total amount you want to borrow
Annual percentage rate (APR) for your loan
Number of years to repay the loan
Additional amount paid monthly toward principal
Loan Payment Summary
Monthly Payment
$1,896
Principal & Interest
Total Interest
$382,633
Over life of loan
Total Payment
$682,633
Principal + Interest
Payoff Date
October 15, 2056
360 payments
Loan Breakdown
43.9%
Goes to Principal
56.1%
Goes to Interest
6.50%
Interest Rate
Amortization Schedule
Understanding Loan Payments
Principal vs Interest
Early payments go mostly toward interest. As the balance decreases, more of each payment goes toward the principal amount.
Fixed vs Variable
Fixed-rate loans have consistent payments throughout the term. Variable rates can change, affecting your monthly payment amount.
Extra Payments
Making extra payments toward principal can significantly reduce total interest paid and shorten the loan term.
APR vs Interest Rate
APR includes fees and gives you the true cost of borrowing. The interest rate is just the cost of borrowing the principal.
💡 Money-Saving Tips
- • Make bi-weekly payments instead of monthly
- • Apply windfalls (bonuses, tax refunds) to principal
- • Consider refinancing if rates have dropped
- • Round up payments to the nearest $50 or $100
🎯 Before You Borrow
- • Shop around and compare rates from multiple lenders
- • Check your credit score and improve it if needed
- • Consider a larger down payment to reduce loan amount
- • Factor in additional costs (insurance, taxes, fees)