Completely FREE loan and mortgage calculator. No signup, no email wall. Enter a loan amount, interest rate, and term to see the monthly payment, the total interest over the life of the loan, and a full amortization schedule — with an optional extra-payment field that shows how much faster you'd pay it off. Download the complete month-by-month schedule as a CSV.
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What the monthly payment actually covers
A fixed loan payment is the single amount that, paid every month for the full term, exactly retires the balance plus interest. Early on, most of each payment is interest and only a little goes to principal; over time that ratio flips. This is why a 30-year mortgage builds equity slowly at first and why the total interest can rival or exceed the amount borrowed. The calculator uses the standard amortization formula, so the monthly figure matches what a lender would quote for principal and interest.
The amortization schedule
The yearly breakdown shows, for each year, how much of your payments went to principal, how much went to interest, and the remaining balance at year's end. The full monthly schedule — every payment split into principal and interest with a running balance — is available as a CSV download, which is handy for a spreadsheet, a budget, or checking a lender's numbers against your own. Seeing the schedule laid out is often the moment the true cost of a long loan becomes concrete.
The extra-payment field
Adding even a modest amount to principal each month has an outsized effect, because every extra dollar skips all the future interest that dollar of balance would have accrued. Enter an extra monthly amount and the calculator re-amortizes the loan, tells you the new payoff time, and shows how many months early you'd finish. It's the clearest way to see whether rounding your payment up or adding a fixed extra amount is worth it for your situation.
What this deliberately leaves out
The payment shown is principal and interest only. A real mortgage payment usually also includes property tax and homeowners insurance (often escrowed), private mortgage insurance if your down payment was under 20%, and possibly HOA dues — which together can add a few hundred dollars a month. Closing costs and points are separate again. This tool is an estimate of the loan itself, not a full housing budget, and it is not a loan offer. Treat the numbers as a planning starting point and confirm everything with your lender.
Runs entirely in your browser
Your loan figures never leave your device — there's no account and nothing is uploaded. For the rent-or-buy decision around a mortgage, see the Rent vs Buy Calculator; to attack existing debt, the Debt Avalanche and Debt Snowball calculators plan a payoff order; and the Real Cost of Owning a Rental Property folds a mortgage into full investment cash flow.
Frequently asked questions
How is a monthly loan payment calculated?
It uses the amortization formula: the payment is the loan amount times the monthly interest rate, divided by one minus (one plus the monthly rate) raised to the negative number of months. The result is a level payment that pays off the loan exactly over the term.
How much does an extra monthly payment save?
Enter an amount in the extra-payment field. The calculator re-runs the schedule and shows the new payoff time and how many months early you'd finish — extra principal skips all the future interest that balance would have cost.
Does this include taxes and insurance?
No. It calculates principal and interest only. Property tax, homeowners and mortgage insurance, HOA dues, and closing costs are separate and can add meaningfully to a real monthly housing cost.
Important
This calculator estimates principal and interest only. It excludes property tax, homeowners or mortgage insurance, HOA dues, and closing costs, and it is not a loan offer or financial advice. Confirm every figure with your lender before relying on it.
Support
Problem with this tool or suggestions for improvement? Please email support@niftyutilities.com.