About Loan & Mortgage Calculator

Loan & Mortgage Calculator uses the standard amortisation formula: give it the amount, the annual interest rate, and the term, and it returns the monthly payment, the total paid, and every line of the schedule.

Add a regular extra payment to see how much interest and time it saves. It runs in your browser.

How to use it

  1. Enter the loan amount, annual rate, and term in months or years.
  2. Optionally add an extra monthly payment.
  3. Read the payment and totals, and scroll the month-by-month schedule.

Common questions

Is the interest compounded monthly?

Yes. The rate you enter is annual and is divided by twelve for each monthly period, which is the usual convention for consumer loans.

What does the extra payment do?

It is added to every monthly payment and goes straight to principal, so the loan clears sooner and the total interest drops.

Does it handle interest-free loans?

Yes. A rate of zero splits the principal evenly across the term.

Does anything leave my browser?

No. The tool runs entirely on this page.