Loan & mortgage
Monthly payment, total interest, and a year-by-year amortization summary.
SHIP'S INSTRUMENTS
Loan & mortgage calculator
Enter the amount, interest rate, and term to get the monthly payment, the total you will pay over the life of the loan, and an amortization summary showing how each year splits between principal and interest.
How it's calculated
- The payment is the standard amortization formula
B × r / (1 − (1 + r)−n): balance B, monthly rate r (APR ÷ 12), and n months. - Each month's interest is the remaining balance times the monthly rate; whatever is left of the payment reduces principal. The yearly table adds those months up.
- The "first 5 years" tile shows how front-loaded interest is - on a 30-year mortgage, most of the early payments go to interest, not to owning more of the house.
Worked example
A $300,000 loan at 6.5% over 30 years costs $1,896.20 a month. Over the full term that is $682,633, of which $382,633 is interest, and about a quarter of all that interest is paid in the first five years alone.
Frequently asked
Why is so much of my early payment interest?
Interest is charged on the balance you still owe, and at the start you owe all of it. As principal falls, the interest share of the same payment falls with it, which is why the last years of a mortgage build equity so much faster than the first.
Does this include taxes, insurance, or PMI?
No - it is principal and interest only. Property tax, homeowner's insurance, and mortgage insurance are added on top by your lender and vary too much to estimate here.
How do extra payments change it?
This page models the scheduled payment only. To test extra payments, add the loan to the debt payoff planner with its APR and minimum payment and enter the extra amount there.
Related calculators
Every calculator here runs in your browser and matches the math in the BudgetArk app's Charts tab. Nothing you enter is stored or sent anywhere.
Want it with your real numbers?
In the app, this tool pulls from your actual debts, budget, and accounts - and everything stays on your phone.