Loan Calculator

Calculate loan payments, total interest, and view amortization schedule.

Monthly Payment $0.00
Total Interest $0.00
Total Amount Paid $0.00

Amortization Schedule (First 12 Months + Yearly Summaries)

Payment # Payment Principal Interest Balance

🎯 How Calculations Work

Monthly Payment: Using amortization formula to split payment between principal and interest. Early payments are mostly interest; later payments are mostly principal.

Total Interest: Sum of all interest paid over loan life. Longer terms = more interest, even if monthly payment is lower.

💡 How to Use Results

  • Monthly Payment: Budget this amount each month
  • Total Interest: Shows true cost of borrowing. A $300,000 house might cost $500,000+ with interest
  • Amortization Schedule: See how each payment splits between principal and interest
  • Early Payoff: See how much interest you'd save by paying extra

🔄 Decision Scenarios

  • Shorter vs Longer Term: 15-year mortgage saves ~60% interest vs 30-year, but monthly payment is higher
  • Extra Principal Payments: Pay $100 extra/month to save years and thousands in interest
  • Lower Rate Impact: 0.5% rate difference = $10,000s saved on large loans
  • Refinancing: If rates drop, refinancing can save substantial interest

📊 Typical Interest Rates (2024)

  • 30-year mortgage: 6-7%
  • 15-year mortgage: 5.5-6.5%
  • Auto loan (new): 5-8%
  • Auto loan (used): 6-10%
  • Personal loan: 8-36%

⚠️ Important Notes

  • This does NOT include property taxes, homeowners insurance, HOA fees (mortgage)
  • This does NOT include car insurance, maintenance (auto loans)
  • Real rate depends on credit score—higher scores get better rates
  • Consider making extra payments to reduce total interest paid