Calculate payments, amortization schedule, and compare scenarios
Loan Details
Loan Summary
Monthly Payment
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Total Interest
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Total Payment
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Payoff Date
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Amortization Schedule
Payment #
Date
Payment
Principal
Interest
Balance
Payment Scenarios
Saved Calculations
Sample Calculation
$250,000 at 5.5% for 30 years
Loan Tips
Make Extra Payments
Even small extra payments applied directly to principal can shave years off your loan and save thousands in interest.
Consider Bi-Weekly Payments
Making half-payments every two weeks results in one extra full payment each year, accelerating payoff.
Refinance When Rates Drop
If interest rates drop significantly, refinancing can reduce your monthly payment and total interest paid.
Frequently Asked Questions
How is the monthly payment calculated?
We use the standard loan payment formula: P = [r*PV] / [1 - (1 + r)^-n] where P is payment, r is periodic interest rate, PV is loan amount, and n is total number of payments.
What's the difference between principal and interest?
Principal is the amount you borrowed. Interest is the cost of borrowing that money. Early in the loan, most of your payment goes toward interest.
How do extra payments affect my loan?
Extra payments reduce your principal balance faster, which means you pay less interest over the life of the loan and can pay off the loan early.