Loan & Mortgage Calculator
Currency:
$
%
years
$
Optional monthly extra
A simple loan calculator computes monthly payments and total interest for a standard installment loan (mortgage, auto loan, personal loan). It uses the standard amortization formula where equal monthly payments cover both principal and interest.
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Tip: Round up your monthly payment. Adding even $50–$100/month to a mortgage can shave years off the term and save thousands in interest with no formal refinancing required.
- 1Monthly payment = P × r(1+r)^n / ((1+r)^n − 1)
- 2Each payment covers that month's interest first, then reduces principal
- 3Total cost = Monthly payment × number of payments
- 4Total interest = Total cost − Original principal
$15,000 personal loan, 9% APR, 48 months=$373/month, $2,916 interestTotal cost: $17,916
$250,000 mortgage, 6.5%, 30 years=$1,580/month, $318,753 interestPay 2.3× the loan amount
| Loan Type | Typical APR | Common Term |
|---|---|---|
| Mortgage (30yr fixed) | 6.5–7.5% | 30 years |
| Mortgage (15yr fixed) | 6.0–7.0% | 15 years |
| Auto loan (new) | 5.5–8% | 48–72 months |
| Personal loan (good credit) | 8–15% | 24–60 months |
| Credit card | 20–29% | Revolving |
| Student loan (federal) | 5.5–8.0% | 10 years (standard) |
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Fun Fact
In a typical 30-year mortgage, you pay more in interest than you borrowed during the first 18 years. You don't owe more in principal than interest until about month 225 (year 18.75).
References
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