Free Loan & Mortgage Calculator With Amortization Schedule
A loan's true cost hides in the interest column, not the monthly payment. This free calculator applies the standard amortization formula to any loan — mortgages, auto loans, student debt — revealing the monthly payment, lifetime interest, and a year-by-year payoff table showing exactly when your money starts attacking principal instead of interest.
How to Estimate Your Payment
- Enter amount, rate, and term — e.g., $250,000 at 6.5% over 30 years.
- Click Calculate — monthly payment, total interest, and lifetime cost appear with a yearly schedule.
- Experiment — shorten the term or shave the rate to watch lifetime interest collapse; small changes compound enormously.
Why Early Payments Are Almost All Interest
Amortization front-loads interest because each payment's interest portion equals the current balance times the monthly rate. On a 30-year mortgage, the first years barely dent principal — which is also why extra principal payments early in the loan destroy total interest disproportionately. A single extra monthly payment per year can shave 4+ years off a 30-year term. The yearly table above makes this visible: compare the interest column in year 1 versus year 20.
Does this include taxes and insurance?
No — this computes principal and interest only (P&I). Escrowed taxes, homeowner's insurance, PMI, and HOA dues add to the real monthly check; get those figures from your lender or listing.
Fixed vs adjustable rate?
This calculator assumes a fixed rate for the whole term. Adjustable-rate mortgages need scenario modeling per reset period — use the fixed math per period as an approximation.
Is my financial data stored?
No. All arithmetic runs locally in your browser; loan amounts never leave your device.
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