Calculate your monthly payment, total amount repaid, and total interest for any loan or mortgage. Optionally view the full amortization schedule.
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Total Payment
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Total Interest
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How loan payments are calculated
This calculator uses the standard annuity (equal instalments) formula, the same used by most banks for fixed-rate mortgages and personal loans:
M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]
Where M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total number of payments.
Total interest paid = (M × n) − P. The amortization schedule shows how much of each payment goes to principal vs. interest — early payments are mostly interest; later payments are mostly principal.
Frequently Asked Questions
How does a fixed-rate mortgage work?
A fixed-rate mortgage has the same interest rate for the entire loan term, so your monthly payment stays constant. You'll always know exactly what you owe each month, making it easier to budget.
What happens if I pay extra each month?
Extra payments go directly to the principal, which reduces the outstanding balance and thus the interest charged each subsequent month. This can significantly shorten the loan term and reduce total interest paid.
What is an amortization schedule?
An amortization schedule is a table showing each payment broken down into principal and interest components, plus the remaining balance after each payment. It shows how your debt decreases over time.