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Browse Fiverr →Loan Calculator (monthly payment, interest, total cost)
Enter the loan principal, annual interest rate, and term in years to see the monthly payment, total amount paid, and total interest. Works for mortgages, car loans, student loans, and personal loans.
- Monthly payment
- $1,266.71
- Total paid
- $456,017
- Total interest
- $206,017
Schedule
Click a year to expand its monthly breakdown; the CSV export includes every month.
PaymentPrincipalInterestBalance
›Year 1$15,200.56$4,033.07$11,167.49$245,966.93
Month 1$1,266.71$329.21$937.50$249,670.79
Month 2$1,266.71$330.45$936.27$249,340.34
Month 3$1,266.71$331.69$935.03$249,008.65
Month 4$1,266.71$332.93$933.78$248,675.72
Month 5$1,266.71$334.18$932.53$248,341.54
Month 6$1,266.71$335.43$931.28$248,006.11
Month 7$1,266.71$336.69$930.02$247,669.42
Month 8$1,266.71$337.95$928.76$247,331.47
Month 9$1,266.71$339.22$927.49$246,992.25
Month 10$1,266.71$340.49$926.22$246,651.75
Month 11$1,266.71$341.77$924.94$246,309.98
Month 12$1,266.71$343.05$923.66$245,966.93
›Year 2$15,200.56$4,218.35$10,982.21$241,748.59
Month 13$1,266.71$344.34$922.38$245,622.60
Month 14$1,266.71$345.63$921.08$245,276.97
Month 15$1,266.71$346.92$919.79$244,930.04
Month 16$1,266.71$348.23$918.49$244,581.82
Month 17$1,266.71$349.53$917.18$244,232.29
Month 18$1,266.71$350.84$915.87$243,881.44
Month 19$1,266.71$352.16$914.56$243,529.29
Month 20$1,266.71$353.48$913.23$243,175.81
Month 21$1,266.71$354.80$911.91$242,821.00
Month 22$1,266.71$356.13$910.58$242,464.87
Month 23$1,266.71$357.47$909.24$242,107.40
Month 24$1,266.71$358.81$907.90$241,748.59
›Year 3$15,200.56$4,412.14$10,788.42$237,336.45
Month 25$1,266.71$360.16$906.56$241,388.43
Month 26$1,266.71$361.51$905.21$241,026.93
Month 27$1,266.71$362.86$903.85$240,664.06
Month 28$1,266.71$364.22$902.49$240,299.84
Month 29$1,266.71$365.59$901.12$239,934.25
Month 30$1,266.71$366.96$899.75$239,567.29
Month 31$1,266.71$368.34$898.38$239,198.96
Month 32$1,266.71$369.72$897.00$238,829.24
Month 33$1,266.71$371.10$895.61$238,458.13
Month 34$1,266.71$372.50$894.22$238,085.64
Month 35$1,266.71$373.89$892.82$237,711.75
Month 36$1,266.71$375.29$891.42$237,336.45
›Year 4$15,200.56$4,614.83$10,585.73$232,721.63
Month 37$1,266.71$376.70$890.01$236,959.75
Month 38$1,266.71$378.11$888.60$236,581.64
Month 39$1,266.71$379.53$887.18$236,202.11
Month 40$1,266.71$380.96$885.76$235,821.15
Month 41$1,266.71$382.38$884.33$235,438.77
Month 42$1,266.71$383.82$882.90$235,054.95
Month 43$1,266.71$385.26$881.46$234,669.69
Month 44$1,266.71$386.70$880.01$234,282.99
Month 45$1,266.71$388.15$878.56$233,894.84
Month 46$1,266.71$389.61$877.11$233,505.23
Month 47$1,266.71$391.07$875.64$233,114.16
Month 48$1,266.71$392.54$874.18$232,721.63
›Year 5$15,200.56$4,826.83$10,373.73$227,894.79
Month 49$1,266.71$394.01$872.71$232,327.62
Month 50$1,266.71$395.48$871.23$231,932.13
Month 51$1,266.71$396.97$869.75$231,535.17
Month 52$1,266.71$398.46$868.26$231,136.71
Month 53$1,266.71$399.95$866.76$230,736.76
Month 54$1,266.71$401.45$865.26$230,335.31
Month 55$1,266.71$402.96$863.76$229,932.35
Month 56$1,266.71$404.47$862.25$229,527.89
Month 57$1,266.71$405.98$860.73$229,121.90
Month 58$1,266.71$407.51$859.21$228,714.40
Month 59$1,266.71$409.03$857.68$228,305.36
Month 60$1,266.71$410.57$856.15$227,894.79
›Year 6$15,200.56$5,048.58$10,151.98$222,846.22
Month 61$1,266.71$412.11$854.61$227,482.69
Month 62$1,266.71$413.65$853.06$227,069.03
Month 63$1,266.71$415.20$851.51$226,653.83
Month 64$1,266.71$416.76$849.95$226,237.07
Month 65$1,266.71$418.32$848.39$225,818.74
Month 66$1,266.71$419.89$846.82$225,398.85
Month 67$1,266.71$421.47$845.25$224,977.38
Month 68$1,266.71$423.05$843.67$224,554.33
Month 69$1,266.71$424.63$842.08$224,129.70
Month 70$1,266.71$426.23$840.49$223,703.47
Month 71$1,266.71$427.83$838.89$223,275.65
Month 72$1,266.71$429.43$837.28$222,846.22
›Year 7$15,200.56$5,280.51$9,920.05$217,565.71
Month 73$1,266.71$431.04$835.67$222,415.18
Month 74$1,266.71$432.66$834.06$221,982.52
Month 75$1,266.71$434.28$832.43$221,548.24
Month 76$1,266.71$435.91$830.81$221,112.33
Month 77$1,266.71$437.54$829.17$220,674.79
Month 78$1,266.71$439.18$827.53$220,235.61
Month 79$1,266.71$440.83$825.88$219,794.78
Month 80$1,266.71$442.48$824.23$219,352.30
Month 81$1,266.71$444.14$822.57$218,908.15
Month 82$1,266.71$445.81$820.91$218,462.35
Month 83$1,266.71$447.48$819.23$218,014.87
Month 84$1,266.71$449.16$817.56$217,565.71
›Year 8$15,200.56$5,523.09$9,677.47$212,042.62
Month 85$1,266.71$450.84$815.87$217,114.87
Month 86$1,266.71$452.53$814.18$216,662.34
Month 87$1,266.71$454.23$812.48$216,208.11
Month 88$1,266.71$455.93$810.78$215,752.17
Month 89$1,266.71$457.64$809.07$215,294.53
Month 90$1,266.71$459.36$807.35$214,835.17
Month 91$1,266.71$461.08$805.63$214,374.09
Month 92$1,266.71$462.81$803.90$213,911.28
Month 93$1,266.71$464.55$802.17$213,446.73
Month 94$1,266.71$466.29$800.43$212,980.45
Month 95$1,266.71$468.04$798.68$212,512.41
Month 96$1,266.71$469.79$796.92$212,042.62
›Year 9$15,200.56$5,776.82$9,423.74$206,265.80
Month 97$1,266.71$471.55$795.16$211,571.06
Month 98$1,266.71$473.32$793.39$211,097.74
Month 99$1,266.71$475.10$791.62$210,622.65
Month 100$1,266.71$476.88$789.83$210,145.77
Month 101$1,266.71$478.67$788.05$209,667.10
Month 102$1,266.71$480.46$786.25$209,186.64
Month 103$1,266.71$482.26$784.45$208,704.38
Month 104$1,266.71$484.07$782.64$208,220.30
Month 105$1,266.71$485.89$780.83$207,734.42
Month 106$1,266.71$487.71$779.00$207,246.71
Month 107$1,266.71$489.54$777.18$206,757.17
Month 108$1,266.71$491.37$775.34$206,265.80
›Year 10$15,200.56$6,042.21$9,158.35$200,223.59
Month 109$1,266.71$493.22$773.50$205,772.58
Month 110$1,266.71$495.07$771.65$205,277.51
Month 111$1,266.71$496.92$769.79$204,780.59
Month 112$1,266.71$498.79$767.93$204,281.80
Month 113$1,266.71$500.66$766.06$203,781.15
Month 114$1,266.71$502.53$764.18$203,278.61
Month 115$1,266.71$504.42$762.29$202,774.20
Month 116$1,266.71$506.31$760.40$202,267.89
Month 117$1,266.71$508.21$758.50$201,759.68
Month 118$1,266.71$510.11$756.60$201,249.56
Month 119$1,266.71$512.03$754.69$200,737.53
Month 120$1,266.71$513.95$752.77$200,223.59
›Year 11$15,200.56$6,319.79$8,880.77$193,903.80
Month 121$1,266.71$515.87$750.84$199,707.71
Month 122$1,266.71$517.81$748.90$199,189.90
Month 123$1,266.71$519.75$746.96$198,670.15
Month 124$1,266.71$521.70$745.01$198,148.45
Month 125$1,266.71$523.66$743.06$197,624.79
Month 126$1,266.71$525.62$741.09$197,099.17
Month 127$1,266.71$527.59$739.12$196,571.58
Month 128$1,266.71$529.57$737.14$196,042.01
Month 129$1,266.71$531.56$735.16$195,510.46
Month 130$1,266.71$533.55$733.16$194,976.91
Month 131$1,266.71$535.55$731.16$194,441.36
Month 132$1,266.71$537.56$729.16$193,903.80
›Year 12$15,200.56$6,610.12$8,590.44$187,293.68
Month 133$1,266.71$539.57$727.14$193,364.23
Month 134$1,266.71$541.60$725.12$192,822.63
Month 135$1,266.71$543.63$723.08$192,279.00
Month 136$1,266.71$545.67$721.05$191,733.33
Month 137$1,266.71$547.71$719.00$191,185.62
Month 138$1,266.71$549.77$716.95$190,635.85
Month 139$1,266.71$551.83$714.88$190,084.02
Month 140$1,266.71$553.90$712.82$189,530.13
Month 141$1,266.71$555.98$710.74$188,974.15
Month 142$1,266.71$558.06$708.65$188,416.09
Month 143$1,266.71$560.15$706.56$187,855.94
Month 144$1,266.71$562.25$704.46$187,293.68
›Year 13$15,200.56$6,913.78$8,286.78$180,379.90
Month 145$1,266.71$564.36$702.35$186,729.32
Month 146$1,266.71$566.48$700.23$186,162.84
Month 147$1,266.71$568.60$698.11$185,594.24
Month 148$1,266.71$570.73$695.98$185,023.51
Month 149$1,266.71$572.88$693.84$184,450.63
Month 150$1,266.71$575.02$691.69$183,875.61
Month 151$1,266.71$577.18$689.53$183,298.43
Month 152$1,266.71$579.34$687.37$182,719.08
Month 153$1,266.71$581.52$685.20$182,137.57
Month 154$1,266.71$583.70$683.02$181,553.87
Month 155$1,266.71$585.89$680.83$180,967.98
Month 156$1,266.71$588.08$678.63$180,379.90
›Year 14$15,200.56$7,231.40$7,969.16$173,148.50
Month 157$1,266.71$590.29$676.42$179,789.61
Month 158$1,266.71$592.50$674.21$179,197.11
Month 159$1,266.71$594.72$671.99$178,602.39
Month 160$1,266.71$596.95$669.76$178,005.43
Month 161$1,266.71$599.19$667.52$177,406.24
Month 162$1,266.71$601.44$665.27$176,804.80
Month 163$1,266.71$603.70$663.02$176,201.10
Month 164$1,266.71$605.96$660.75$175,595.14
Month 165$1,266.71$608.23$658.48$174,986.91
Month 166$1,266.71$610.51$656.20$174,376.40
Month 167$1,266.71$612.80$653.91$173,763.60
Month 168$1,266.71$615.10$651.61$173,148.50
›Year 15$15,200.56$7,563.61$7,636.95$165,584.89
Month 169$1,266.71$617.41$649.31$172,531.09
Month 170$1,266.71$619.72$646.99$171,911.37
Month 171$1,266.71$622.05$644.67$171,289.32
Month 172$1,266.71$624.38$642.33$170,664.95
Month 173$1,266.71$626.72$639.99$170,038.23
Month 174$1,266.71$629.07$637.64$169,409.16
Month 175$1,266.71$631.43$635.28$168,777.73
Month 176$1,266.71$633.80$632.92$168,143.93
Month 177$1,266.71$636.17$630.54$167,507.76
Month 178$1,266.71$638.56$628.15$166,869.20
Month 179$1,266.71$640.95$625.76$166,228.24
Month 180$1,266.71$643.36$623.36$165,584.89
›Year 16$15,200.56$7,911.08$7,289.48$157,673.80
Month 181$1,266.71$645.77$620.94$164,939.12
Month 182$1,266.71$648.19$618.52$164,290.93
Month 183$1,266.71$650.62$616.09$163,640.30
Month 184$1,266.71$653.06$613.65$162,987.24
Month 185$1,266.71$655.51$611.20$162,331.73
Month 186$1,266.71$657.97$608.74$161,673.76
Month 187$1,266.71$660.44$606.28$161,013.32
Month 188$1,266.71$662.91$603.80$160,350.41
Month 189$1,266.71$665.40$601.31$159,685.01
Month 190$1,266.71$667.89$598.82$159,017.12
Month 191$1,266.71$670.40$596.31$158,346.72
Month 192$1,266.71$672.91$593.80$157,673.80
›Year 17$15,200.56$8,274.52$6,926.04$149,399.29
Month 193$1,266.71$675.44$591.28$156,998.37
Month 194$1,266.71$677.97$588.74$156,320.40
Month 195$1,266.71$680.51$586.20$155,639.89
Month 196$1,266.71$683.06$583.65$154,956.82
Month 197$1,266.71$685.63$581.09$154,271.20
Month 198$1,266.71$688.20$578.52$153,583.00
Month 199$1,266.71$690.78$575.94$152,892.23
Month 200$1,266.71$693.37$573.35$152,198.86
Month 201$1,266.71$695.97$570.75$151,502.89
Month 202$1,266.71$698.58$568.14$150,804.31
Month 203$1,266.71$701.20$565.52$150,103.12
Month 204$1,266.71$703.83$562.89$149,399.29
›Year 18$15,200.56$8,654.65$6,545.91$140,744.64
Month 205$1,266.71$706.47$560.25$148,692.82
Month 206$1,266.71$709.12$557.60$147,983.71
Month 207$1,266.71$711.77$554.94$147,271.93
Month 208$1,266.71$714.44$552.27$146,557.49
Month 209$1,266.71$717.12$549.59$145,840.37
Month 210$1,266.71$719.81$546.90$145,120.56
Month 211$1,266.71$722.51$544.20$144,398.04
Month 212$1,266.71$725.22$541.49$143,672.82
Month 213$1,266.71$727.94$538.77$142,944.88
Month 214$1,266.71$730.67$536.04$142,214.21
Month 215$1,266.71$733.41$533.30$141,480.80
Month 216$1,266.71$736.16$530.55$140,744.64
›Year 19$15,200.56$9,052.24$6,148.32$131,692.40
Month 217$1,266.71$738.92$527.79$140,005.72
Month 218$1,266.71$741.69$525.02$139,264.03
Month 219$1,266.71$744.47$522.24$138,519.56
Month 220$1,266.71$747.26$519.45$137,772.29
Month 221$1,266.71$750.07$516.65$137,022.23
Month 222$1,266.71$752.88$513.83$136,269.35
Month 223$1,266.71$755.70$511.01$135,513.64
Month 224$1,266.71$758.54$508.18$134,755.10
Month 225$1,266.71$761.38$505.33$133,993.72
Month 226$1,266.71$764.24$502.48$133,229.49
Month 227$1,266.71$767.10$499.61$132,462.38
Month 228$1,266.71$769.98$496.73$131,692.40
›Year 20$15,200.56$9,468.10$5,732.46$122,224.31
Month 229$1,266.71$772.87$493.85$130,919.54
Month 230$1,266.71$775.77$490.95$130,143.77
Month 231$1,266.71$778.67$488.04$129,365.10
Month 232$1,266.71$781.59$485.12$128,583.50
Month 233$1,266.71$784.53$482.19$127,798.98
Month 234$1,266.71$787.47$479.25$127,011.51
Month 235$1,266.71$790.42$476.29$126,221.09
Month 236$1,266.71$793.38$473.33$125,427.71
Month 237$1,266.71$796.36$470.35$124,631.35
Month 238$1,266.71$799.35$467.37$123,832.00
Month 239$1,266.71$802.34$464.37$123,029.66
Month 240$1,266.71$805.35$461.36$122,224.31
›Year 21$15,200.56$9,903.06$5,297.50$112,321.25
Month 241$1,266.71$808.37$458.34$121,415.94
Month 242$1,266.71$811.40$455.31$120,604.53
Month 243$1,266.71$814.45$452.27$119,790.09
Month 244$1,266.71$817.50$449.21$118,972.59
Month 245$1,266.71$820.57$446.15$118,152.02
Month 246$1,266.71$823.64$443.07$117,328.38
Month 247$1,266.71$826.73$439.98$116,501.64
Month 248$1,266.71$829.83$436.88$115,671.81
Month 249$1,266.71$832.94$433.77$114,838.87
Month 250$1,266.71$836.07$430.65$114,002.80
Month 251$1,266.71$839.20$427.51$113,163.60
Month 252$1,266.71$842.35$424.36$112,321.25
›Year 22$15,200.56$10,358.00$4,842.55$101,963.24
Month 253$1,266.71$845.51$421.20$111,475.74
Month 254$1,266.71$848.68$418.03$110,627.06
Month 255$1,266.71$851.86$414.85$109,775.20
Month 256$1,266.71$855.06$411.66$108,920.14
Month 257$1,266.71$858.26$408.45$108,061.88
Month 258$1,266.71$861.48$405.23$107,200.40
Month 259$1,266.71$864.71$402.00$106,335.69
Month 260$1,266.71$867.95$398.76$105,467.73
Month 261$1,266.71$871.21$395.50$104,596.52
Month 262$1,266.71$874.48$392.24$103,722.05
Month 263$1,266.71$877.76$388.96$102,844.29
Month 264$1,266.71$881.05$385.67$101,963.24
›Year 23$15,200.56$10,833.85$4,366.71$91,129.39
Month 265$1,266.71$884.35$382.36$101,078.89
Month 266$1,266.71$887.67$379.05$100,191.22
Month 267$1,266.71$891.00$375.72$99,300.23
Month 268$1,266.71$894.34$372.38$98,405.89
Month 269$1,266.71$897.69$369.02$97,508.20
Month 270$1,266.71$901.06$365.66$96,607.14
Month 271$1,266.71$904.44$362.28$95,702.71
Month 272$1,266.71$907.83$358.89$94,794.88
Month 273$1,266.71$911.23$355.48$93,883.65
Month 274$1,266.71$914.65$352.06$92,969.00
Month 275$1,266.71$918.08$348.63$92,050.92
Month 276$1,266.71$921.52$345.19$91,129.39
›Year 24$15,200.56$11,331.55$3,869.00$79,797.84
Month 277$1,266.71$924.98$341.74$90,204.42
Month 278$1,266.71$928.45$338.27$89,275.97
Month 279$1,266.71$931.93$334.78$88,344.04
Month 280$1,266.71$935.42$331.29$87,408.62
Month 281$1,266.71$938.93$327.78$86,469.69
Month 282$1,266.71$942.45$324.26$85,527.23
Month 283$1,266.71$945.99$320.73$84,581.25
Month 284$1,266.71$949.53$317.18$83,631.72
Month 285$1,266.71$953.09$313.62$82,678.62
Month 286$1,266.71$956.67$310.04$81,721.95
Month 287$1,266.71$960.26$306.46$80,761.70
Month 288$1,266.71$963.86$302.86$79,797.84
›Year 25$15,200.56$11,852.12$3,348.44$67,945.72
Month 289$1,266.71$967.47$299.24$78,830.37
Month 290$1,266.71$971.10$295.61$77,859.27
Month 291$1,266.71$974.74$291.97$76,884.53
Month 292$1,266.71$978.40$288.32$75,906.13
Month 293$1,266.71$982.07$284.65$74,924.07
Month 294$1,266.71$985.75$280.97$73,938.32
Month 295$1,266.71$989.44$277.27$72,948.87
Month 296$1,266.71$993.15$273.56$71,955.72
Month 297$1,266.71$996.88$269.83$70,958.84
Month 298$1,266.71$1,000.62$266.10$69,958.22
Month 299$1,266.71$1,004.37$262.34$68,953.85
Month 300$1,266.71$1,008.14$258.58$67,945.72
›Year 26$15,200.56$12,396.61$2,803.95$55,549.11
Month 301$1,266.71$1,011.92$254.80$66,933.80
Month 302$1,266.71$1,015.71$251.00$65,918.09
Month 303$1,266.71$1,019.52$247.19$64,898.57
Month 304$1,266.71$1,023.34$243.37$63,875.22
Month 305$1,266.71$1,027.18$239.53$62,848.04
Month 306$1,266.71$1,031.03$235.68$61,817.01
Month 307$1,266.71$1,034.90$231.81$60,782.11
Month 308$1,266.71$1,038.78$227.93$59,743.33
Month 309$1,266.71$1,042.68$224.04$58,700.65
Month 310$1,266.71$1,046.59$220.13$57,654.07
Month 311$1,266.71$1,050.51$216.20$56,603.56
Month 312$1,266.71$1,054.45$212.26$55,549.11
›Year 27$15,200.56$12,966.11$2,234.45$42,583.00
Month 313$1,266.71$1,058.40$208.31$54,490.70
Month 314$1,266.71$1,062.37$204.34$53,428.33
Month 315$1,266.71$1,066.36$200.36$52,361.97
Month 316$1,266.71$1,070.36$196.36$51,291.62
Month 317$1,266.71$1,074.37$192.34$50,217.25
Month 318$1,266.71$1,078.40$188.31$49,138.85
Month 319$1,266.71$1,082.44$184.27$48,056.41
Month 320$1,266.71$1,086.50$180.21$46,969.90
Month 321$1,266.71$1,090.58$176.14$45,879.33
Month 322$1,266.71$1,094.67$172.05$44,784.66
Month 323$1,266.71$1,098.77$167.94$43,685.89
Month 324$1,266.71$1,102.89$163.82$42,583.00
›Year 28$15,200.56$13,561.77$1,638.79$29,021.23
Month 325$1,266.71$1,107.03$159.69$41,475.97
Month 326$1,266.71$1,111.18$155.53$40,364.79
Month 327$1,266.71$1,115.35$151.37$39,249.45
Month 328$1,266.71$1,119.53$147.19$38,129.92
Month 329$1,266.71$1,123.73$142.99$37,006.20
Month 330$1,266.71$1,127.94$138.77$35,878.25
Month 331$1,266.71$1,132.17$134.54$34,746.09
Month 332$1,266.71$1,136.42$130.30$33,609.67
Month 333$1,266.71$1,140.68$126.04$32,468.99
Month 334$1,266.71$1,144.95$121.76$31,324.04
Month 335$1,266.71$1,149.25$117.47$30,174.79
Month 336$1,266.71$1,153.56$113.16$29,021.23
›Year 29$15,200.56$14,184.79$1,015.77$14,836.44
Month 337$1,266.71$1,157.88$108.83$27,863.35
Month 338$1,266.71$1,162.23$104.49$26,701.12
Month 339$1,266.71$1,166.58$100.13$25,534.54
Month 340$1,266.71$1,170.96$95.75$24,363.58
Month 341$1,266.71$1,175.35$91.36$23,188.23
Month 342$1,266.71$1,179.76$86.96$22,008.47
Month 343$1,266.71$1,184.18$82.53$20,824.29
Month 344$1,266.71$1,188.62$78.09$19,635.67
Month 345$1,266.71$1,193.08$73.63$18,442.59
Month 346$1,266.71$1,197.55$69.16$17,245.04
Month 347$1,266.71$1,202.04$64.67$16,042.99
Month 348$1,266.71$1,206.55$60.16$14,836.44
›Year 30$15,200.56$14,836.44$364.12$0.00
Month 349$1,266.71$1,211.08$55.64$13,625.36
Month 350$1,266.71$1,215.62$51.10$12,409.74
Month 351$1,266.71$1,220.18$46.54$11,189.57
Month 352$1,266.71$1,224.75$41.96$9,964.82
Month 353$1,266.71$1,229.35$37.37$8,735.47
Month 354$1,266.71$1,233.96$32.76$7,501.52
Month 355$1,266.71$1,238.58$28.13$6,262.93
Month 356$1,266.71$1,243.23$23.49$5,019.71
Month 357$1,266.71$1,247.89$18.82$3,771.82
Month 358$1,266.71$1,252.57$14.14$2,519.25
Month 359$1,266.71$1,257.27$9.45$1,261.98
Month 360$1,266.71$1,261.98$4.73$0.00
Related tools
How it works
How fixed-rate loans work
A fixed-rate loan has a constant monthly payment that pays off both principal and interest over the term. The standard formula is M = P × r / (1 − (1 + r)^−n), where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments (years × 12). At a 4.5% rate over 30 years, a $250,000 mortgage costs about $1,267/month.
Each monthly payment is split between interest and principal. Early payments are mostly interest; later payments are mostly principal. This is why making extra payments early in the term has an outsized effect on total interest paid — you're cutting the principal that future interest is calculated on.
What this calculator does and doesn't include
Included: principal repayment and interest. The monthly figure is the principal-and-interest portion only.
Not included for mortgages: property tax, homeowners insurance, mortgage insurance (PMI), and HOA fees. These can add 20-40% to the actual housing payment in many US markets. Always check the lender's full disclosure before assuming the calculator's monthly figure is your real cost.
Not included for car loans: sales tax, registration, gap insurance. Many US states tax vehicles at purchase; the loan principal you enter should usually be after-tax for accurate monthly numbers.
How rate and term affect total cost
On a $250,000 mortgage at 4.5%, going from 30 to 15 years roughly doubles the monthly payment ($1,267 → $1,912) but cuts total interest from $206,000 to $94,000 — a $112,000 lifetime savings. Higher monthly, much lower total.
Going from 4.5% to 6.5% on the same 30-year mortgage raises the monthly to $1,580 and increases total interest from $206,000 to $319,000. A 2 percentage-point rate change roughly increases total cost by 50%. This is why locking a rate matters.
Formula and sources
Monthly payment = P × r ÷ (1 − (1 + r)⁻ⁿ) — the fixed-installment (annuity) formula banks use for personal loans, student loans, and most other amortizing credit. P is the amount borrowed, r is the annual interest rate divided by 12, and n is the term in months.
The schedule table applies this formula iteratively, which is exactly how the CFPB describes amortization: early payments are interest-heavy, later ones principal-heavy. The official definitions are linked under Sources at the bottom of the page.
Frequently asked questions
›Why doesn't the monthly include taxes and insurance?
Because those vary widely by location, lender, and individual. The 'principal and interest' (P&I) figure is universal; add your local taxes and insurance separately.
›What's the difference between APR and interest rate?
Interest rate is the cost of the money. APR includes the rate plus fees expressed annually. Use the interest rate for monthly payment math; use APR to compare loan offers.
›How do extra payments affect the loan?
Each extra dollar applied to principal saves multiple dollars of future interest. Online amortization tables can show the new payoff date.
›Should I take a 15-year or 30-year mortgage?
15-year saves a lot of interest and builds equity faster. 30-year has lower monthly payments and more flexibility. Choose based on your monthly cash flow and other investment options.
›What's the difference between simple and compound interest?
Mortgages, auto, and personal loans use simple monthly interest (no compounding within the month). Credit cards compound daily, which is why they're more expensive than the headline APR suggests.
›Why is early payment mostly interest?
At month 1, the entire principal accrues interest. As principal shrinks, less interest accrues, so more of each fixed payment goes to principal.
›Does the calculator handle adjustable-rate loans?
Not directly — it assumes a fixed rate. For ARMs, run the calculator at the initial rate and again at the assumed reset rate to see the range.
›Is the data sent anywhere?
No. All math runs in your browser.
Sources & methodology
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This tool provides general information and estimates only — it is not financial, investment, tax, or legal advice. Verify important figures with a qualified professional before making decisions.