See the payment, total interest and a year-by-year balance schedule for a mortgage.
What this calculator does
Enter the loan, rate and term to get the monthly payment and an amortization schedule showing how the balance falls each year.
A worked example
Worked through, a loan amount of 200,000 produces a monthly payment of $1,199.1. Underneath, Total interest comes out at $231,676.38 and Total paid at $431,676.38. Change any field and every figure updates as you type.
How to fill it in
- Enter your figures in the fields provided.
- The result updates as you type.
- Review the breakdown below the main number.
How the number is calculated
payment = P × r ÷ (1 − (1+r)⁻ⁿ)
Questions people ask about this
What is amortization?
Paying a loan with equal payments where the interest/principal split shifts over time.
Why is early interest high?
Interest is charged on the balance, which is largest at the start.