$150k at 5.75% for 20 years
- Monthly rate = 0.0575 / 12
- Payment ≈ $1,062.74
- Total interest ≈ $105k
finance calculator
Loan Amortization Calculator
Calculate monthly payment, total interest, and total paid for any amortizing loan from mortgages to personal loans.
Results
- Monthly payment
- $1,053 USD
- Total paid
- $252,750 USD
- Total interest
- $102,750 USD
How to use this calculator
- Enter loan amount, APR, and term length.
- We compute the monthly payment using standard amortization math.
- See monthly payment, total paid, and total interest.
Inputs explained
- Loan amount
- Principal you’re borrowing.
- Interest rate (APR)
- Annual percentage rate; converted to monthly inside the calculation.
- Term length
- Length of the loan in years.
How it works
We convert the term to months and apply the amortization formula. Total paid equals monthly payment × number of payments.
Total interest is the difference between total paid and the original principal.
Formula
Monthly payment formula matches the standard amortization equation used by lenders.
When to use it
- Comparing term options (e.g., 15 vs 20 vs 30 years).
- Estimating interest cost before refinancing.
- Budgeting for student or personal loans using standard amortization.
Tips & cautions
- Shorter terms raise the payment but cut total interest—check both outputs.
- If you plan extra payments, total interest will be lower than shown.
- APR vs nominal rate can differ if fees are financed; use APR for apples-to-apples comparisons.
- Fixed-rate, fully amortizing monthly payments only; no balloons or variable rates.
- No PMI, taxes, insurance, or fees included.
- Does not generate a month-by-month amortization table (yet).
Worked examples
Reduce term to 15 years
- Payment increases to ≈ $1,246.11
- Total interest drops to ≈ $75k
Deep dive
This loan amortization calculator shows monthly payment, total paid, and total interest for any fixed-rate installment loan. Enter loan amount, APR, and term to see how different horizons change cost.
Use it to compare refinance options or plan student/personal loans. Extra payments aren’t modeled here—actual interest can be lower if you pay ahead.
FAQs
- Does this generate an amortization table?
- This version summarizes totals. Exported schedules are planned for a future release.
- Can I add extra payments?
- Use the mortgage payoff calculator for extra-payment scenarios.
- Is this the same as the mortgage calculator?
- Math is the same for P&I. The mortgage calculator adds home-specific context; this one is generic for any amortizing loan.
- Can I model biweekly payments?
- Not directly. Approximate by increasing the monthly payment to reflect the extra annual payment biweekly schedules create.
- Does this include fees or insurance?
- No. Add them to the loan amount or monthly payment separately if needed.
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Verify official payment schedules with your lender. This is for planning only.