Calculate your monthly loan payment, total interest, and see how extra payments can save you money and time.
Enter your loan information to calculate payments
Additional payment towards principal
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Official loan amortization calculation methodology
Current market interest rate information
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments pay down more principal. This calculator can generate a full amortization schedule.
Higher interest rates significantly increase both monthly payments and total interest paid. For example, on a $300,000 loan, a 1% rate increase can add $200+ to monthly payments and $70,000+ in total interest over 30 years.
Extra payments reduce your principal balance, which decreases total interest paid and can shorten your loan term. Even small additional payments can save thousands in interest. Specify that extra payments go toward principal.
Fixed rates stay the same for the entire loan term, providing payment stability. Variable (adjustable) rates can start lower but may increase, raising your payment. Fixed rates are generally better for long-term loans when you want predictable payments.
Lenders typically recommend that debt payments (including this loan) don't exceed 36-43% of your gross monthly income. Use the debt-to-income ratio as a guideline, but also consider your other financial obligations and emergency savings.
Have more questions? These calculators provide estimates for educational purposes only. For personalized financial advice, consult with a qualified financial professional. See our disclaimer for more information.