ReadyTool
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Loan & Mortgage Calculator

Free Amortization Calculator

Calculate monthly payments, view full amortization schedules, and discover how extra payments can save you thousands in interest.

4.9 from 3,156 users
100% Private
Bank-Grade Math
No Signup
CSV Export

Loan Details

0.5% 15%
5 yr 40 yr
Client-Side Privacy First Free Forever
Monthly
$1,267
Interest
$206,017
Total
$456,017
Payoff
Jan 2056
55%
Principal
Principal
$250,000
Total Interest
$206,017
Total Cost of Loan $456,017

How to Use

1

Enter Loan Details

Input loan amount, interest rate, and term

2

View Results

See monthly payment, total interest, and charts

3

Optimize & Export

Test extra payments, download CSV schedule

Common Use Cases

Mortgage Planning

Calculate monthly payments for home purchases, refinancing, and home equity loans

Auto Loans

Compare car loan options, see total cost, and plan your auto financing budget

Student Loans

Understand repayment schedules and see how extra payments reduce debt faster

Business Loans

Evaluate small business loan options and cash flow requirements

Refinancing

Compare current vs new loan terms to see if refinancing makes sense

Debt Payoff

Create strategies to pay off loans faster with extra principal payments

Frequently Asked Questions

We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1]. This is the exact formula used by banks and mortgage lenders worldwide.
Even $100/month extra on a $250,000 mortgage at 5% can save over $45,000 in interest and pay off your loan 4+ years early.
Yes! Our calculations match bank formulas. Your actual payment may also include property taxes, insurance (PITI), and PMI.
A breakdown of every payment showing exactly how much goes to principal (building equity) vs interest (bank profit).
100% private. All calculations happen in your browser. Your data never leaves your device - we have no servers to send it to.
Yes! Works for any fixed-rate amortizing loan: mortgages, auto loans, personal loans, student loans, and more.