Loan Calculator
Calculate monthly payments, total interest, and view the full amortization schedule.
Monthly Payment
$1,580.17
Total Payment
$568,861
Total Interest
$318,861
Payment Breakdown
Common loan types
| Loan Type | Typical Term | Typical Rate | Notes |
|---|---|---|---|
| Mortgage | 15-30 years | 6-8% | Secured by property |
| Auto Loan | 3-7 years | 5-10% | Secured by vehicle |
| Personal Loan | 1-7 years | 8-20% | Unsecured, credit-based |
| Student Loan | 10-25 years | 4-8% | Federal or private |
Frequently Asked Questions
How is the monthly payment calculated?
Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is number of payments. This ensures equal payments throughout the loan term.
Why do I pay more interest at the start?
Interest is calculated on the remaining balance. Early payments go mostly to interest because the balance is highest. Over time, more of each payment goes to principal as the balance decreases.
Should I choose a 15-year or 30-year mortgage?
15-year loans have higher monthly payments but much lower total interest. 30-year loans are more affordable monthly but cost more overall. Choose based on what you can comfortably afford.
How can I reduce total interest paid?
Make extra payments toward principal, choose a shorter term, or refinance to a lower rate. Even small extra payments early in the loan can save thousands in interest.
What is an amortization schedule?
A table showing each payment broken down into principal and interest, plus the remaining balance. It shows exactly how your loan gets paid off over time.