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Loan & Mortgage Calculator

Monthly payment, lifetime interest and the full schedule for a mortgage, car loan or personal loan.

Your loan

$
$
10.0% of the price, so the loan is $360,000.
% a year
The rate on the loan itself, not the APR. APR adds fees and is quoted for comparison.
Taxes, insurance and fees
$
Per year
$
Per year
% a year
Only charged with under 20% down
$
Per month
Pay extra
$
$
Monthly payment —
Total interest
—
Principal + interest
—
Paid off
—
Principal passes interest
—

Principal and interest, by loan year

Balance remaining

Amortization schedule

Principal and interest only. Taxes, insurance, PMI and HOA dues are not part of the loan balance.

How this is calculated

The monthly principal and interest payment uses the standard formula for a fully amortizing, fixed-rate loan:

M = P × r ÷ (1 − (1 + r)^−n) P = amount borrowed r = annual interest rate ÷ 12 n = number of monthly payments

Each month, interest is the remaining balance × r, rounded to the cent the way lenders round it. The rest of the payment reduces the balance. The payment itself is rounded to the cent, so the final payment is adjusted by a few cents or dollars to land exactly on zero. Every extra payment goes entirely to principal.

Mortgage costs on top of the loan

  • Property tax and home insurance are divided by 12. Real escrow amounts change when your tax bill or premium changes.
  • PMI is estimated as the yearly rate × the original loan amount ÷ 12, and only when the down payment is under 20% of the price. Actual premiums depend on your credit and lender.
  • Under the US Homeowners Protection Act, borrower-paid PMI ends automatically when the balance is scheduled to reach 78% of the home's original value, if your payments are current. You can ask to cancel at 80%. This calculator stops PMI at the 78% point of the original schedule.

What is not included

Closing costs, points, adjustable-rate changes, escrow shortages, tax deductions and prepayment penalties. Use the rate on your loan estimate, not the APR, for the payment.