Loan & Mortgage Calculator
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Loan amortization spreads equal payments over the loan term. Each payment first covers accrued interest, with the remainder reducing the principal. Early payments are mostly interest; later ones mostly principal.
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Tip: Adding just $100/month extra to a 30-year $200,000 mortgage at 6% saves over $42,000 in interest and cuts 4 years off the loan.
- 1Convert annual rate to monthly: r = annual rate ÷ 12
- 2Calculate n = total payments (years × 12)
- 3Apply: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1)
- 4Total interest = (M × n) − P
$10,000 at 6% for 3 yrs=$304.22/moTotal interest: $951.92
$250,000 at 7% for 30 yrs=$1,663/moTotal interest: $348,773
| Rate | 3 years | 5 years | 10 years | 30 years |
|---|---|---|---|---|
| 4% | $29.52 | $18.42 | $10.12 | $4.77 |
| 5% | $29.97 | $18.87 | $10.61 | $5.37 |
| 6% | $30.42 | $19.33 | $11.10 | $6.00 |
| 7% | $30.88 | $19.80 | $11.61 | $6.65 |
| 8% | $31.34 | $20.28 | $12.13 | $7.34 |
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Fun Fact
"Mortgage" comes from Old French meaning "death pledge" — the debt ends when paid off or the borrower dies.
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