Loan and Mortgage Payment Calculator
Find the fixed monthly payment for a mortgage, car loan or personal loan, plus the total interest you will pay and how the balance falls each year. Amounts work in any currency.
- Monthly payment
- 1,896.20
- Total interest
- 382,633.47
- Total of 360 payments
- 682,633.47
- Year 1 split
- 3,353.18 principal / 19,401.27 interest
Year-by-year amortization (30 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,353.18 | 19,401.27 | 296,646.82 |
| 2 | 3,577.74 | 19,176.70 | 293,069.08 |
| 3 | 3,817.35 | 18,937.10 | 289,251.73 |
| 4 | 4,073.01 | 18,681.44 | 285,178.72 |
| 5 | 4,345.79 | 18,408.66 | 280,832.93 |
| 6 | 4,636.83 | 18,117.62 | 276,196.10 |
| 7 | 4,947.37 | 17,807.08 | 271,248.73 |
| 8 | 5,278.70 | 17,475.75 | 265,970.03 |
| 9 | 5,632.23 | 17,122.22 | 260,337.81 |
| 10 | 6,009.43 | 16,745.02 | 254,328.38 |
| 11 | 6,411.89 | 16,342.56 | 247,916.49 |
| 12 | 6,841.31 | 15,913.14 | 241,075.18 |
| 13 | 7,299.48 | 15,454.97 | 233,775.70 |
| 14 | 7,788.34 | 14,966.11 | 225,987.36 |
| 15 | 8,309.94 | 14,444.51 | 217,677.42 |
| 16 | 8,866.47 | 13,887.98 | 208,810.95 |
| 17 | 9,460.28 | 13,294.17 | 199,350.68 |
| 18 | 10,093.85 | 12,660.60 | 189,256.83 |
| 19 | 10,769.85 | 11,984.60 | 178,486.98 |
| 20 | 11,491.13 | 11,263.32 | 166,995.85 |
| 21 | 12,260.71 | 10,493.74 | 154,735.14 |
| 22 | 13,081.83 | 9,672.62 | 141,653.30 |
| 23 | 13,957.95 | 8,796.50 | 127,695.36 |
| 24 | 14,892.74 | 7,861.71 | 112,802.62 |
| 25 | 15,890.13 | 6,864.32 | 96,912.49 |
| 26 | 16,954.32 | 5,800.13 | 79,958.16 |
| 27 | 18,089.79 | 4,664.66 | 61,868.38 |
| 28 | 19,301.29 | 3,453.16 | 42,567.08 |
| 29 | 20,593.94 | 2,160.51 | 21,973.15 |
| 30 | 21,973.15 | 781.30 | 0.00 |
How it’s calculated
For a loan amount P, a monthly rate r (annual rate ÷ 12) and n monthly payments, the fixed payment is:
M = P × r × (1 + r)n / ((1 + r)n − 1)
If the rate is 0%, the payment is simply M = P / n. Each month, interest is charged on the remaining balance (balance × r) and the rest of the payment reduces the balance. That is why early payments are mostly interest and later ones are mostly principal.
Examples
Car loan
A 25,000 loan at 7% for 5 years (60 payments) has a monthly rate of 0.07 ÷ 12 ≈ 0.5833%. The payment is 495.03 a month and the total interest is 4,701.80.
15-year mortgage
A 200,000 mortgage at 5% over 15 years (180 payments) costs 1,581.59 a month. Over the full term you pay 84,685.71 in interest.
Frequently asked questions
Does the payment include property tax and insurance?
No. The result covers principal and interest only. Many mortgage payments also include property tax, homeowners insurance or mortgage insurance collected by the lender, so your actual bill can be higher.
Why is most of my early payment interest?
Interest is charged on the balance you still owe. At the start the balance is at its highest, so the interest part is largest. As the balance falls, more of each fixed payment goes toward principal.
How does a 0% loan work here?
With a 0% rate there is no interest, so the payment is the loan amount divided by the number of months. For example, 12,000 over 48 months is 250 a month and the total interest is zero.
Should I enter the APR or the interest rate?
Enter the loan’s interest rate (sometimes called the note rate) to get the payment. APR also includes certain fees spread over the term, so using it gives a slightly higher payment than the lender will actually charge.
Do extra payments change the result?
This calculator assumes fixed payments with no extras. Paying more than the required amount reduces the balance faster, which lowers the total interest and can end the loan early.
Related calculators
Results are estimates for general information and are not financial, medical or legal advice.