Finance
Estimate monthly loan payments, total interest, and total repayment instantly.
Results update as you type. No calculate button. All calculations run locally in your browser.
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| Amount | |
|---|---|
| Scheduled monthly payment | — |
| Total interest (scheduled) | — |
| Total paid (scheduled) | — |
| Interest saved by extra payments | — |
Bars are scaled to the total scheduled payment. Early payments are mostly interest; the principal share grows as the balance falls.
| After | Interest paid | Principal paid | Balance left |
|---|
Amortization uses the scheduled payment only; extra payments are reflected in the payoff figures above, not in this table.
Monthly rate = annual rate ÷ 12. Monthly payment = principal × monthly rate × (1 + monthly rate)payments ÷ [(1 + monthly rate)payments − 1]. Total interest = payment × payments − principal. With a 0% rate the payment is principal ÷ payments.
Principal $300,000 at 6.5% for 30 years (360 payments): monthly payment $1,896.20, total interest $382,633.47, total paid $682,633.47. In the first year $19,401.27 goes to interest and $3,353.18 to principal, leaving $296,646.82.
Fixed rate, no fees, no taxes or insurance, and payments made on time every month. Variable rates, balloon payments, prepayment penalties, and payment holidays are not modeled. Extra payments are applied to principal in the month they are paid.
Interest is charged on the full balance, so early payments are mostly interest. As the balance falls, the same payment covers more principal.
Yes, because every extra dollar cuts the balance that future interest is charged on. The saving compounds over the remaining term.
The payment is simply principal divided by the number of payments, and total interest is $0.
Only the principal-and-interest part. A mortgage bill usually adds tax, insurance, and possibly PMI and HOA, which the mortgage calculator covers.
Not modeled here. Missed or late payments typically add fees and interest and extend the payoff date.
Results are estimates only and do not constitute professional advice.