Loan & Mortgage Calculator
Enter a loan amount, interest rate, and term to see your monthly payment and total interest.
| Loan amount | Monthly payment |
|---|---|
| $100,000 | $506.69 |
| $150,000 | $760.03 |
| $200,000 | $1,013.37 |
| $250,000 | $1,266.71 |
| $300,000 | $1,520.06 |
| $350,000 | $1,773.40 |
| $400,000 | $2,026.74 |
FAQ
How is the monthly payment calculated?
This calculator uses the standard amortization formula, which spreads the loan amount plus interest evenly across every monthly payment, so early payments go mostly toward interest and later payments go mostly toward principal.
Does this include taxes or insurance?
No — this shows the core principal-and-interest payment only. For a mortgage, your actual monthly outlay may be higher once property tax, homeowner's insurance, and any mortgage insurance are added by your lender.
What's a realistic interest rate to use?
Rates vary by loan type, credit profile, and current market conditions — check current rates from a lender or comparison site rather than relying on a fixed assumption, since this changes over time.
How much does the loan term affect total interest?
Significantly — a longer term lowers the monthly payment but increases total interest paid over the life of the loan, since interest accrues for more months overall.
What's the monthly payment on a $250,000 mortgage?
At 4.5% APR over 30 years, a $250,000 mortgage comes to about $1,266.71/month in principal and interest (see chart above). Property tax, insurance, and any mortgage insurance are typically added on top by your lender.
What's the monthly payment on a $300,000 mortgage?
At 4.5% APR over 30 years, a $300,000 mortgage works out to about $1,520.06/month. Use the calculator above to see how a different rate or term changes this.
Is it better to choose a 15-year or 30-year mortgage?
A 15-year term means higher monthly payments but far less total interest paid, since you're borrowing for less time. A 30-year term lowers the monthly payment but costs more in total interest over the life of the loan — the right choice depends on what monthly payment fits your budget.
How much interest will I pay over the life of a loan?
It depends on the amount, rate and term. A $250,000 loan at 4.5% over 30 years costs about $206,000 in interest, while the same loan over 15 years costs about $94,000. The calculator above shows the figure for your own numbers.
Does paying extra each month save money?
Yes. Extra payments reduce the balance faster, so less interest accrues. For example, an extra $200 a month on a $250,000 loan at 4.5% over 30 years shortens it by several years and saves tens of thousands in interest. Confirm with your lender that extra payments go toward the principal and carry no penalty.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. In the first month of a $250,000 loan at 4.5%, about $938 of a $1,266.71 payment is interest. As the balance falls, more of each payment goes toward principal.
About this tool
This calculator estimates your monthly payment, total amount paid, and total interest for a loan or mortgage using the standard amortization formula. This is an estimate for general reference only, not financial advice — always confirm exact figures with your lender.
Worked example
Take a $250,000 loan at 4.5% a year over 30 years. The monthly rate is 0.045 ÷ 12 = 0.375% and there are 30 × 12 = 360 payments, which gives a payment of $1,266.71 a month.
Over 30 years that adds up to $456,017, so the interest cost is about $206,017, more than the amount you borrowed. In the first month, $937.50 of the payment is interest and only $329.21 reduces the balance. The split shifts gradually, which is why paying off a loan early or paying extra saves so much.
How the loan term changes the cost
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 10 years | $2,590.96 | $60,915 | $310,915 |
| 15 years | $1,912.48 | $94,247 | $344,247 |
| 20 years | $1,581.62 | $129,590 | $379,590 |
| 25 years | $1,389.58 | $166,874 | $416,874 |
| 30 years | $1,266.71 | $206,017 | $456,017 |
A shorter term means a higher payment but a much lower interest bill. Going from 30 years to 15 raises the payment by about half (from $1,266.71 to $1,912.48) but cuts the interest by more than half (from about $206,000 to about $94,000).
How the interest rate changes the cost
| Rate | Monthly payment | Total interest |
|---|---|---|
| 3.5% | $1,122.61 | $154,140 |
| 4.5% | $1,266.71 | $206,017 |
| 5.5% | $1,419.47 | $261,010 |
| 6.5% | $1,580.17 | $318,861 |
| 7.5% | $1,748.04 | $379,293 |
A one-point difference in rate matters: going from 4.5% to 5.5% adds about $55,000 in lifetime interest on this loan, so it pays to compare offers.
What paying extra each month does
Extra payments go straight toward the balance, so they cut the interest you would otherwise be charged on it. On the $250,000 loan at 4.5% over 30 years, paying an extra $200 a month would clear the loan in about 22 years and 9 months instead of 30 years, and reduce the interest by roughly $56,600. Check first whether your lender charges a penalty for early repayment and that extra payments are applied to the principal.
Costs this calculator does not include
- Property tax and homeowner's insurance. On a mortgage these are often collected with your monthly payment.
- Mortgage insurance. It may apply if your deposit or equity is small.
- Fees and closing costs. Arrangement fees, valuation and legal costs vary by lender and country.
- Variable rates. If your rate can change, your payment will change with it, and this calculator assumes the rate stays fixed.
This is an estimate for general reference and not financial advice, so confirm exact figures with your lender.