Loan & Mortgage Calculator
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📊 Monthly Mortgage Payment Reference Table (30-Year Fixed)
Compare estimated monthly principal & interest payments across common home loan amounts and prevailing interest rates:
| Loan Amount | 5.5% Interest | 6.5% Interest | 7.5% Interest |
|---|---|---|---|
| $150,000 | $851 / mo | $948 / mo | $1,048 / mo |
| $250,000 | $1,419 / mo | $1,580 / mo | $1,748 / mo |
| $350,000 | $1,987 / mo | $2,212 / mo | $2,447 / mo |
| $500,000 | $2,838 / mo | $3,160 / mo | $3,496 / mo |
Frequently Asked Questions
How is monthly mortgage payment calculated?
Monthly payment is calculated using standard amortized loan formulas taking into account principal balance, monthly interest rate, and loan duration in months.
How much does extra monthly payment save on a loan?
Adding an extra payment directly reduces your principal balance, shortening loan duration and saving thousands in interest charges.
What is an amortization schedule?
An amortization schedule lists every payment throughout your loan term, breaking down how much goes toward principal versus interest.
How to Use This Loan Calculator
Using our free loan calculator is simple. Enter your loan amount (the total amount you're borrowing), your annual interest rate (check your lender's offer), and the loan term in years. Click "Calculate My Payment" to instantly see your monthly payment, total interest paid over the life of the loan, and a complete year-by-year amortization schedule.
You can also enter an extra monthly payment to see how much interest you save by paying more each month. Even an extra $100/month on a 30-year mortgage can save tens of thousands of dollars in interest.
Loan Payment Formula
The monthly payment is calculated using the standard amortization formula:
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
What Affects Your Monthly Payment?
- Loan Amount: The more you borrow, the higher your payment. A $300,000 mortgage costs significantly more than a $200,000 one.
- Interest Rate: Even a 1% difference in rate can mean hundreds of dollars per month on large loans. Always shop for the best rate.
- Loan Term: A 15-year mortgage has higher monthly payments than a 30-year, but you pay far less total interest.
- Extra Payments: Paying extra each month reduces your principal faster, saving you interest and shortening your loan term.
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. In the early years, most of your payment goes toward interest. As time goes on, more of each payment goes toward reducing the principal.
How much mortgage can I afford?
A common rule of thumb is the 28/36 rule: your housing costs should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. Use this calculator to find a payment that fits within those limits.
Does this work for auto loans?
Yes. This calculator works for any amortizing loan — mortgages, auto loans, personal loans, student loans. Simply enter the loan amount, interest rate, and term.
Are these calculations accurate?
Yes, this calculator uses the standard amortization formula used by banks and financial institutions worldwide. Results are for informational purposes; always confirm with your lender.