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Loan Calculators & Payment Estimators

Calculate monthly payments, total interest, and true cost for mortgages, car loans, and personal loans. Know your numbers before you sign — our free loan calculators use standard amortization formulas for accurate results.

Loan & Mortgage Calculators

Understand the true cost of any loan before you commit.

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and full amortization.

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Mortgage Affordability Calculator

Find out how much home you can afford based on your income and debts.

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Car Loan Calculator

Calculate your monthly car payment and total loan cost before you buy.

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Personal Loan Calculator

Calculate monthly payments and total interest on any personal loan.

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Understanding Loan Costs

A loan's monthly payment is just one part of the picture. The true cost of borrowing includes every dollar of interest paid over the life of the loan — which can sometimes exceed the original principal. On a 30-year mortgage, it's common to pay nearly as much in interest as the original loan amount. That's why understanding amortization is critical before taking on any significant debt.

All standard loans use amortizing payments — fixed monthly amounts that cover both interest and principal. In the early years, most of each payment goes to interest. As the loan matures, the balance declines and more goes to principal. This is why making extra payments early in a loan's life is so impactful: every extra dollar goes directly to reducing principal, which reduces all future interest charges.

Our loan calculators use the standard amortization formula (M = P[r(1+r)^n]/[(1+r)^n-1]) and generate complete payment breakdowns. Use them to compare loan offers, evaluate the cost of a shorter term, or understand how a larger down payment changes your obligation.

Types of Loans Covered

Mortgage Loans

Home purchase loans secured by the property. Standard terms range from 10 to 30 years. Monthly payment includes principal and interest (P&I), property taxes, homeowners insurance, and PMI if applicable (collectively called PITI). As of 2026, 30-year fixed rates are in the 6.5–7.5% range. The interest rate, loan term, and down payment are the primary variables affecting affordability.

Auto Loans

Secured loans for vehicle purchases, typically with terms from 24 to 84 months. Auto loan rates vary significantly by credit score — excellent credit (720+) may qualify for 4–6% while subprime borrowers may pay 15%+. Longer terms reduce monthly payments but dramatically increase total interest paid. Many financial advisors recommend no longer than 60 months to avoid being "underwater" on a depreciating asset.

Personal Loans

Unsecured loans for debt consolidation, home improvement, medical expenses, or other personal uses. Because they're unsecured (no collateral), rates are higher than mortgage or auto loans — typically 8–30% depending on creditworthiness. Terms typically run 2–7 years. Personal loans can be a cost-effective way to consolidate high-interest credit card debt into a lower, fixed-rate installment loan.

How Amortization Works

Payment #PaymentInterestPrincipalBalance
1$1,996$1,750$246$299,754
12$1,996$1,736$260$296,725
60$1,996$1,649$347$280,290
120$1,996$1,515$481$257,632
180$1,996$1,330$666$226,393
240$1,996$1,079$917$183,316
300$1,996$738$1,258$124,275
360$1,996$12$1,984$0

Example: $300,000 mortgage at 7.0% for 30 years. Monthly P&I = $1,996. Notice how early payments are mostly interest; later payments are mostly principal.

Frequently Asked Questions

An amortizing loan has fixed regular payments that gradually pay off both interest and principal over the loan term. Each payment stays the same, but the split between interest and principal shifts over time — early payments are mostly interest, late payments are mostly principal. By the final payment, the loan is fully paid off. Mortgages, car loans, and most personal loans are amortizing.
DTI (debt-to-income ratio) is total monthly debt payments divided by gross monthly income. Lenders use it to evaluate your ability to take on more debt. Most conventional mortgage lenders want a DTI of 43% or less (some allow up to 50%). A lower DTI means more loan options and potentially better rates. If your DTI is high, paying down existing debt before applying can significantly improve your options.
Almost always, yes — especially for high-interest loans. Extra payments reduce your principal balance, which reduces all future interest charges. On a 30-year mortgage at 7%, paying $100 extra per month saves approximately $28,000 in interest and cuts almost 5 years off the loan term. The impact is greatest on high-interest, long-term loans.
The interest rate is the base rate charged on the loan balance. APR (Annual Percentage Rate) includes the interest rate plus fees (origination fees, mortgage insurance, etc.) expressed as an annual rate. APR is a more complete picture of total borrowing cost. When comparing loan offers, compare APRs — not just interest rates. For mortgages, this difference can be meaningful since there are often substantial origination costs.
A common guideline is that your total housing costs (mortgage P&I, taxes, insurance, HOA) should not exceed 28% of gross monthly income, and total debt payments should not exceed 36% (the 28/36 rule). At 2024 mortgage rates around 7%, a household earning $100,000/year can typically afford a home in the $300,000–$375,000 range with a 20% down payment. Use our Mortgage Affordability Calculator for a personalized estimate.