Loan Calculators
See your monthly payment, total interest and full amortization schedule for a mortgage, auto, personal, student or home equity loan — then test extra payments, refinancing and how much you can afford.
Loan payment calculator
Move the sliders or type your own numbers. Sample amounts and rates are placeholders — enter the figures from your lender’s Loan Estimate or offer.
📊 Principal and interest by year
Early payments are mostly interest; the principal share grows every year. Hover or tap a bar for details.
📅 Amortization schedule
Year-by-year summary — tap “+” to see every month. Download the full monthly schedule as a spreadsheet.
⚡ Extra payments — how much can you save?
Test a one-time extra payment, a fixed extra amount each month, or a yearly lump sum. Extra principal payments cut the balance that interest is charged on, so earlier ones save the most.
🔄 Refinance break-even
Enter a new rate, term and closing costs to see the new payment and how many months it takes to recover the costs.
⚖️ Compare loan offers side by side
Enter up to three offers. The best deal has the lowest total cost (interest plus fees), not necessarily the lowest rate or payment.
🏡 Affordability — how much can you borrow?
Lenders compare your monthly debt payments to your gross monthly income (debt-to-income, or DTI). This shows the payment your income supports at the DTI you choose.
🏦 Loan calculators by type
Each calculator uses loan-specific inputs — for example taxes, insurance and PMI for a mortgage.
| Loan | Rate reference | Typical term | Sample payment | |
|---|---|---|---|---|
| 🏠 Mortgage | Benchmark: 7.03% (30-yr fixed, Freddie Mac PMMS) | 15 or 30 years (most common) | $2,135.42 ($320,000 at 7.03%, 30 yrs — sample) | Calculate → |
| 🚗 Auto Loan | Sample rate — use your lender’s quote | 3 – 7 years (typical) | $693.04 ($35,000 at 7%, 5 yrs — sample) | Calculate → |
| 🚙 Used Car Loan | Sample rate — use your lender’s quote | 3 – 6 years (typical) | $456.68 ($22,000 at 9%, 5 yrs — sample) | Calculate → |
| 💼 Personal Loan | Sample rate — use your lender’s quote | 1 – 7 years (typical) | $498.21 ($15,000 at 12%, 3 yrs — sample) | Calculate → |
| 🎓 Student Loan | Federal 2026–27: 6.52% undergrad · 8.07% grad · 9.07% PLUS | 10 years (standard federal plan) | $340.95 ($30,000 at 6.52%, 10 yrs — sample) | Calculate → |
| 🏡 Home Equity Loan | Sample rate — use your lender’s quote | 5 – 30 years (typical) | $492.37 ($50,000 at 8.5%, 15 yrs — sample) | Calculate → |
Sample amounts and rates are illustrations. Only the mortgage benchmark (Freddie Mac PMMS) and federal student loan rates are published market figures.
🧮 How a loan payment is calculated
Worked example
| Step | Value |
|---|---|
| Loan amount (P) | $320,000 |
| Monthly rate (r) | 7.03% ÷ 12 = 0.005858 |
| Payments (n) | 30 × 12 = 360 |
| (1 + r)n | 8.1894 |
| Monthly payment (principal & interest) | $2,135.42 |
| Total interest | $448,751 |
| Total of payments | $768,751 |
How the term changes the payment ($320,000 at 7.03%)
| Term | Payment | Total interest | Interest vs loan |
|---|---|---|---|
| 7 years | $4,834.35 | $86,086 | 27% |
| 10 years | $3,720.42 | $126,451 | 40% |
| 15 years | $2,881.62 | $198,692 | 62% |
| 20 years | $2,486.72 | $276,813 | 87% |
| 25 years | $2,267.82 | $360,346 | 113% |
| 30 years | $2,135.42 | $448,751 | 140% |
How the rate changes the payment ($320,000 for 30 years)
| Rate | Payment | Total interest |
|---|---|---|
| 6.03% | $1,924.74 | $372,906 |
| 6.53% | $2,028.94 | $410,417 |
| 7.03% | $2,135.42 | $448,751 |
| 7.53% | $2,244.06 | $487,863 |
| 8.03% | $2,354.74 | $527,707 |
Loan calculator FAQs
What is amortization?
Amortization is paying off a loan with fixed payments over time. Each payment covers that month’s interest and reduces the principal; over time a larger share goes to principal.
Is the result exactly what my lender will charge?
It is a close estimate. Lenders may calculate interest daily, use a different first-payment date or round differently. Your loan documents and repayment schedule are final.
What is APR?
The annual percentage rate expresses the yearly cost of a loan, including interest and certain fees. Lenders must show it in their Truth in Lending disclosures.
Should I make extra payments?
Extra payments toward principal reduce total interest and can shorten the loan. Check that there is no prepayment penalty and that extra money is applied to principal.
What happens if I miss a payment?
You may owe a late fee, and lenders can report late payments to the credit bureaus, which can lower your credit score. Contact your lender early if you expect trouble paying.
Results are illustrations based on the numbers you enter, not a loan offer, pre-approval or financial advice. Loan terms, rates and fees vary by lender and borrower.