Enter your loan details to instantly see your monthly payment, total interest paid, and a full year-by-year amortization schedule.
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🏦 Loan Details
$
6.5%
0.5%20%
30 years
1 yr40 yrs
$USD
📊 Results
Monthly Payment
$1,842
per month · 360 payments total
🏠 Loan Amount (net)$280,000
📅 Total Amount Paid$663,128
💸 Total Interest Paid$383,128
✅ Principal Repaid$280,000
📈 Interest / Principal136.8%
Principal$280,000
Interest$383,128
Down Payment$0
Principal share42.2%
Interest share57.8%
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Amortization Schedule
Year
Opening Balance
Principal Paid
Interest Paid
Closing Balance
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Frequently Asked Questions
How is the monthly payment calculated?▾
The formula is M = P[r(1+r)ⁿ]/[(1+r)ⁿ-1], where P is the principal, r is the monthly rate (annual ÷ 12), and n is total payments. This ensures each payment covers both interest and principal.
What is the difference between principal and interest?▾
The principal is the original amount borrowed. Interest is the lender's fee. In early years, most of each payment covers interest. Over time, more goes toward principal — this is called amortization.
How does a larger down payment help?▾
A larger down payment reduces the loan amount, lowering your monthly payment and total interest paid. It can also help you avoid Private Mortgage Insurance (PMI) if your down payment is at least 20%.
Does this work for car loans or personal loans?▾
Yes — any fixed-rate loan works: mortgages, car loans, student loans, personal loans. It does not account for variable rates, insurance, or taxes. Always confirm with your lender.