Loan calculator
Enter the loan amount, APR and term to see your monthly payment, the total paid and how much goes to interest.
Monthly payment
Borrowing $300,000.00 over 360 payments at 6.5% APR, the payment is $1,896.20 a month. In total you pay $682,633.47, of which $382,633.47 is interest.
How this is calculated →- Total paid$682,633.47
- Total interest$382,633.47
- Effective annual rate (APY)6.6972%
- Monthly rate0.5417%
Estimate for information only, not financial advice. Excludes property tax, insurance, PMI, HOA dues and fees, so your lender's payment may be higher.
Yearly amortization
| Year | Paid | Total interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $22,754.45 | $19,401.27 | $3,353.18 | $296,646.82 |
| 2 | $22,754.45 | $19,176.70 | $3,577.74 | $293,069.08 |
| 3 | $22,754.45 | $18,937.10 | $3,817.35 | $289,251.73 |
| 4 | $22,754.45 | $18,681.44 | $4,073.01 | $285,178.72 |
| 5 | $22,754.45 | $18,408.66 | $4,345.79 | $280,832.93 |
| 6 | $22,754.45 | $18,117.62 | $4,636.83 | $276,196.10 |
| 7 | $22,754.45 | $17,807.08 | $4,947.37 | $271,248.73 |
| 8 | $22,754.45 | $17,475.75 | $5,278.70 | $265,970.03 |
| 9 | $22,754.45 | $17,122.22 | $5,632.23 | $260,337.81 |
| 10 | $22,754.45 | $16,745.02 | $6,009.43 | $254,328.38 |
| 11 | $22,754.45 | $16,342.56 | $6,411.89 | $247,916.49 |
| 12 | $22,754.45 | $15,913.14 | $6,841.31 | $241,075.18 |
| 13 | $22,754.45 | $15,454.97 | $7,299.48 | $233,775.70 |
| 14 | $22,754.45 | $14,966.11 | $7,788.34 | $225,987.36 |
| 15 | $22,754.45 | $14,444.51 | $8,309.94 | $217,677.42 |
| 16 | $22,754.45 | $13,887.98 | $8,866.47 | $208,810.95 |
| 17 | $22,754.45 | $13,294.17 | $9,460.28 | $199,350.68 |
| 18 | $22,754.45 | $12,660.60 | $10,093.85 | $189,256.83 |
| 19 | $22,754.45 | $11,984.60 | $10,769.85 | $178,486.98 |
| 20 | $22,754.45 | $11,263.32 | $11,491.13 | $166,995.85 |
| 21 | $22,754.45 | $10,493.74 | $12,260.71 | $154,735.14 |
| 22 | $22,754.45 | $9,672.62 | $13,081.83 | $141,653.30 |
| 23 | $22,754.45 | $8,796.50 | $13,957.95 | $127,695.36 |
| 24 | $22,754.45 | $7,861.71 | $14,892.74 | $112,802.62 |
| 25 | $22,754.45 | $6,864.32 | $15,890.13 | $96,912.49 |
| 26 | $22,754.45 | $5,800.13 | $16,954.32 | $79,958.16 |
| 27 | $22,754.45 | $4,664.66 | $18,089.79 | $61,868.38 |
| 28 | $22,754.45 | $3,453.16 | $19,301.29 | $42,567.08 |
| 29 | $22,754.45 | $2,160.51 | $20,593.94 | $21,973.15 |
| 30 | $22,754.45 | $781.30 | $21,973.15 | $0.00 |
How the payment is calculated
With fixed payments (annuity, the usual mortgage formula), every payment is equal: PMT = PV × i ÷ (1 − (1 + i)^−n), where PV is the loan amount, i the monthly rate and n the number of payments. Early payments are mostly interest; later ones are mostly principal.
With constant principal, the debt is repaid in equal parts: principal = PV ÷ n. Interest is charged on the remaining balance, so payments start higher and fall every month, and total interest is lower.
US lenders quote a nominal APR compounded monthly, so the monthly rate is APR ÷ 12. That is the default here: 6% APR means 0.5% a month. Choose "per year (effective)" only if your rate is an effective annual rate, converted as (1 + annual)^(1/12) − 1.
Example: a $250,000 loan at 6.5% APR over 30 years has a monthly payment of $1,580.17 and $318,861.22 of total interest.
Frequently asked questions
Fixed payment or constant principal?
Constant principal costs less interest overall, but the first payments are higher. Fixed payments are easier to budget, with more interest in total.
Why is my lender's payment different?
Lenders may add insurance, fees, property taxes and escrow, or quote a nominal APR. Those items are not part of the pure interest calculation.
How do I enter my APR?
Leave "APR (per year)" selected and type the APR as quoted, for example 6.5. The calculator divides it by 12 for you.
Does paying extra reduce interest?
Yes. Extra payments reduce the balance, and interest is charged on the balance, so you pay less interest and finish sooner.
Related calculators
- Compound interest Investment with monthly contributions
- Savings goal Monthly saving for a goal
- Simple interest Interest and total (I = P × r × t)
- Equivalent interest rate Monthly ↔ annual rate
- Financial calculator N, I/Y, PV, PMT and FV
- Marketplace profit Profit per sale and target price
- Inflation Dollar value over time, 1913 to today
- Margin and markup Profit margin and selling price