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Loan Payment Calculator

Calculate monthly payments, total interest, and see your amortization schedule. Works for mortgages, auto loans, and student loans.

Loan Details

$
$
%
years
Monthly Payment
$1,516.96
Loan Principal
$240,000.00
Total Amount Paid
$546,106.77
Total Interest Paid
$306,106.77

Payment Breakdown

Principal:$240,000
Total Interest:$306,107

Amortization Schedule

Principal Interest

Remaining Balance

How Monthly Loan Payments Are Calculated

Your monthly payment is determined by the standard amortization formula. Each payment consists of two parts: interest on the remaining balance and principal reduction. Early in the loan, most of your payment goes to interest. As the balance decreases, more goes to principal.

M = P × [r(1+r)n] / [(1+r)n – 1]

Where M = monthly payment, P = principal, r = monthly rate (annual/12), n = total months.

15-Year vs. 30-Year Mortgage

A 15-year mortgage has higher monthly payments but dramatically less total interest. On a $240,000 loan at 6.5%, the 30-year payment is about $1,517/month ($306,480 total interest), while the 15-year payment is about $2,091/month ($136,420 total interest) — saving you $170,000 in interest.

How Interest Rates Affect Your Payment

A 1% difference in interest rate on a $300,000 mortgage changes your monthly payment by roughly $199 and your total interest by over $70,000 over 30 years. Even small rate differences matter enormously over the life of a loan.