Loan & Mortgage Calculator
Estimate a fixed-rate monthly payment for a home, car or personal loan. Adjust the price, down payment, interest rate, term and optional housing costs, then inspect the full amortization schedule.
Loan details
Change any field and the estimate updates instantly.
Your estimate
At 6.50% APR over 30 years
Estimated total monthly housing payment
- Down payment$0
- Loan amount$0
- Principal & interest$0.00
- Property tax$0.00
- Insurance$0.00
- HOA / fees$0.00
- Total interest over the loan$0
- Total principal + interest paid$0
- Time to repay0 months
- Estimated payoff date-
Calculations are for estimation purposes only. This is not a loan offer, a rate quote, or financial advice. Actual payments may include mortgage insurance, closing costs, escrow changes and lender fees.
Amortization schedule
Each row shows how one payment is divided between interest and principal, and what remains of the balance. Extra principal payments shorten the schedule and reduce total interest.
| Month | Payment | Principal | Interest | Remaining balance |
|---|
How the monthly payment is calculated
This tool uses the standard fixed-rate amortization formula. It assumes the interest rate stays constant, payments are made monthly, and interest is compounded monthly. The amount borrowed is the purchase price minus the down payment.
Here M is the monthly principal-and-interest payment, P is the amount borrowed, r is the annual rate divided by twelve and expressed as a decimal, and n is the number of monthly payments. When the rate is zero, the tool simply divides the balance by the number of months.
The optional fields are added on top of that base payment: annual property tax and insurance are divided by twelve, and HOA dues are already monthly. Together they produce the familiar "PITI plus fees" figure shown at the top of the results panel.
A worked example
Suppose a home costs $350,000 with a 20% down payment. The loan amount is $280,000. At 6.5% APR over 30 years, the principal-and-interest payment is about $1,769.79 per month. Adding 1.1% annual property tax ($320.83), $1,500 of annual insurance ($125.00) and no HOA dues gives an estimated total monthly housing payment of about $2,215.62.
If you add $200 a month in extra principal, the loan is repaid years earlier and the total interest falls substantially. The amortization table above recalculates month by month so you can see exactly where that saving comes from.
What this estimate includes — and what it does not
- Included: principal, interest, an optional down payment percentage, term, property tax, insurance, HOA dues and extra principal payments.
- Not included: private mortgage insurance (PMI), closing costs, points, escrow adjustments, variable or adjustable rates, balloon payments, taxes on a specific property, lender-specific fees, insurance quotes, or any change in rate over time.
A car loan or personal loan can be modelled the same way: enter the amount financed as the price, set the down payment to zero, choose the term, and leave the housing cost fields at zero.
Terms worth knowing
- Principal — the balance you actually owe, before interest.
- APR — the annual rate used for the calculation; a real loan's APR can include fees beyond the note rate.
- Amortization — the process of paying a loan down in equal instalments, with more interest early and more principal later.
- Escrow — an arrangement where a servicer collects tax and insurance amounts with your payment; actual amounts vary.
- LTV — loan-to-value ratio, the loan amount divided by the property value.
Frequently asked questions
Does the calculator use my real credit profile?
No. It uses only the rate you type in. It does not check credit scores, run a credit inquiry, or contact any lender.
Why is my result different from a lender's quote?
A lender may include mortgage insurance, escrow estimates, points, origination fees, a different rate, or a different compounding convention. The numbers here are a clean mathematical baseline.
Can I calculate a 15-year loan?
Yes. Choose 15 years in the term field and compare the payment, total interest and payoff date with a 30-year term.
What does "extra principal" do?
Each month, the extra amount is applied directly to the balance. Because future interest is calculated on a smaller balance, the loan ends sooner and total interest drops. The schedule regenerates from month one.
Is property tax calculated on the price or the loan?
On the full purchase price, using the annual percentage you enter. Real assessments may use a different taxable value.
Can I save or print the schedule?
Yes. Use "Download CSV" to save the complete schedule, or print the page from your browser. Nothing is uploaded to a server.
Does this work for adjustable-rate mortgages?
No. The model assumes one fixed rate for the entire term. An adjustable-rate product needs a different calculation.