Loan and Mortgage Calculator
Work out the regular monthly payment on a loan or mortgage, the total paid and total interest, and the full repayment schedule. An optional extra payment shows how much sooner the loan ends.
Up to two decimal places, for example 250000 or 1,250.50.
A percentage, for example 6.5. Use 0 for an interest-free loan.
Whole months, for example 360 for 30 years. Up to 600 months.
Paid on top of the regular payment every month. Leave empty for none.
Repayment schedule
| No. | Payment | Interest | Principal | Balance |
|---|
How it works
Regular payment. The payment is P × i ÷ (1 − (1 + i)−n), where P is the loan amount, i is the annual rate divided by 1200 (that is, by 12 months and by 100 per cent), and n is the term in months. The powers of (1 + i) are worked out exactly, not estimated. At a 0% rate the payment is P ÷ n.
Rounding. Every payment, interest figure and balance is in whole cents. Each figure is rounded half up from its exact value, so a half cent goes up. Each month's interest is the rounded interest on that month's opening balance, and the principal is the payment less that interest.
Final payment. Each month pays the regular payment (plus any extra payment), until the balance and that month's interest are less. The last payment is then the balance plus that month's interest. It can differ from the regular payment by a few cents because of rounding. That difference is shown as the adjustment, so the balance reaches exactly zero. An extra payment ends the loan sooner.
Totals. Total interest is the total paid minus the amount borrowed.