Loan Calculator — Free Online Loan & Mortgage Calculator
Calculate monthly payments, total interest, and view amortization schedules for any loan or mortgage. All calculations happen locally — nothing leaves your browser.
How to Use the Loan Calculator
- Enter loan amount — the total principal you're borrowing.
- Set interest rate — your annual percentage rate (APR).
- Choose loan term — select from common terms or enter a custom duration.
- Add extra payments — see how extra payments reduce total interest.
- Review amortization — see the full payment schedule month by month.
Understanding Your Mortgage
A mortgage is typically the largest financial commitment most people make. Understanding how interest compounds and how extra payments can save you thousands is crucial for financial planning. Even small extra payments can reduce your loan term by years and save significant interest.
Frequently Asked Questions
Extra payments go directly toward the principal, reducing the balance faster. This means less interest accrues over the life of the loan. For example, an extra $100/month on a $250k loan at 6% can save over $40,000 in interest and pay off the loan 4+ years early.
The interest rate is the cost of borrowing the principal. APR includes the rate plus additional costs like origination fees, points, and mortgage insurance. For this calculator, use your APR for the most accurate total cost estimate.
A 15-year term has higher monthly payments but significantly lower total interest. A 30-year term offers lower payments and more flexibility. Choose based on your cash flow and financial goals. You can always make extra payments on a 30-year loan to pay it off faster.
Use Cases
Monthly Mortgage Payments
Calculate exact monthly mortgage payments based on loan amount, interest rate, and term.
Comparing Loan Rates
Compare different interest rates to find the most affordable loan option for your budget.
Home Purchase Budgeting
Plan your home purchase budget by understanding total loan costs and monthly obligations.
Understanding Total Loan Cost
See the complete cost of your loan including principal, interest, and total payments over time.
Amortization Schedule
Generate detailed month-by-month amortization schedules to track loan payoff progress.