Mortgage and loan calculator
Estimate Loan Payments and Interest
Compare periodic payments, total interest, repayment cost, and the potential impact of extra payments.
The down payment is subtracted from the entered loan amount to estimate principal borrowed.
Paid monthly.
Payment summary
First payment principal$288.37
First payment interest$1,000.00
Last payment estimate$1,288.37
Estimate only. Fees, taxes, insurance, lender charges, and local mortgage rules are not included. This is not financial advice.
How the mortgage and loan calculator works
Enter the amount before any down payment, the annual interest rate, loan term, and payment frequency. The calculator subtracts the down payment to estimate the borrowed principal, then applies a standard fixed-rate amortization formula. No live rates are fetched.
Monthly payment formula
Payment: Principal × periodic rate × (1 + periodic rate)number of payments ÷ ((1 + periodic rate)number of payments − 1). When the entered interest rate is zero, payment equals principal divided by the number of payments.
Loan interest vs principal
Each payment first covers the period's estimated interest. The remainder reduces principal. Early payments generally contain more interest, while later payments generally contain more principal.
How extra payments affect repayment
An extra payment is added to each scheduled payment and applied to principal in this estimate. Paying principal earlier can shorten the payoff period and reduce total interest. Check whether a lender applies prepayment restrictions or fees.
Mortgage vs general loan estimates
The same fixed-rate amortization formula can estimate many mortgages and installment loans. Actual products can use different compounding conventions, variable rates, balloon payments, fees, insurance, taxes, or lender-specific rounding.
FAQ
Does this calculator provide financial advice?
No. It is an informational estimate tool and is not financial advice.
Are live interest rates included?
No. Use a rate from your own lender information or scenario.
What costs are excluded?
Results do not include all possible fees, taxes, insurance, lender charges, closing costs, or local mortgage rules.
Why might a lender's result differ?
Lenders may use different compounding, payment timing, day-count, rounding, fee, and prepayment methods.
Disclaimer: Results are estimates only and do not include all possible fees, taxes, insurance, lender charges, or local mortgage rules. This is not financial advice.
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