Loan / Mortgage Calculator
About Loan / Mortgage Calculator
Our free Loan / Mortgage Calculator estimates your monthly payment, total amount paid, and total interest over the life of a loan based on the amount, interest rate, and term - useful for comparing mortgage, auto, or personal loan scenarios.
Estimate only - does not include property tax, insurance, or PMI. Consult a lender for exact figures.
Adjust the loan amount, interest rate, or term and instantly see how your monthly payment and total interest change, making it easy to compare different offers or repayment periods side by side before committing to a lender.
How to Use the Loan / Mortgage Calculator
- Enter the loan amount you're borrowing.
- Enter the annual interest rate offered by the lender.
- Enter the loan term in years or months.
- Read your estimated monthly payment, total amount paid, and total interest the moment you finish entering values.
- Adjust any single field to instantly see how it changes the overall cost, making it easy to compare offers side by side.
Who uses this tool: Homebuyers use it to compare estimated monthly payments across different mortgage rates before approaching a lender, car buyers use it to check whether a dealership's financing terms are reasonable, and anyone considering a personal loan uses it to see the true total interest cost over the full term rather than just the advertised rate. First-time borrowers use it to understand how a longer term lowers the monthly payment but raises total interest paid, and homeowners weighing a refinance use it to compare their current loan's remaining cost against a new offer before deciding whether switching is actually worth it.
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Frequently asked questions
What does the monthly payment include?
This calculates principal and interest based on your loan amount, interest rate, and term - it does not include property tax, homeowners insurance, or PMI, which can add a meaningful amount to a real mortgage payment.
How does the loan term affect total interest paid?
A longer term lowers your monthly payment but increases total interest paid over the life of the loan - try comparing a 15-year vs 30-year term at the same rate to see the tradeoff.
Can I use this for any type of loan, not just a mortgage?
Yes - the same amortization math applies to auto loans, personal loans, and any other fixed-rate installment loan, not just mortgages.
