How to Use
- Enter the total loan amount, such as 300,000.
- Add the annual interest rate, such as 6%, and set the loan term, such as 30 years.
- Choose fixed monthly payment or equal-principal repayment, or click "Load mortgage example" to inspect a fixed-rate mortgage scenario.
- Review monthly payment, first and last payment, total interest, total paid, and the principal-vs-interest chart.
- Switch between monthly and yearly schedule rows, then export the amortization schedule as CSV if needed.
Core Features
- Instant results and charts: Change the loan amount, rate, term, or repayment mode and the payment, interest, and visual split update instantly.
- 100% client-side privacy: Your loan numbers stay in your browser. Nothing is uploaded, and no bank-rate API is called.
- Complete amortization schedule: Generate monthly or yearly rows showing payment, principal, interest, and remaining balance.
- Fixed or declining payments: Compare equal-payment amortization with equal-principal repayment for markets where both are common.
- CSV export: Download the full schedule as CSV for spreadsheet analysis.
- Works for fixed-rate loans: Use it for mortgages, auto loans, and personal loans with a fixed rate and fixed term.
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Calculation Logic
The fixed-payment mode uses the standard amortized loan formula:
M = P × [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
Here, P is the principal, i is the monthly interest rate, and n is the number of monthly payments. Equal-principal mode repays the same principal every month, then calculates interest from the remaining balance, so the payment declines over time.
This tool estimates fixed-rate principal and interest only. It does not include taxes, insurance, PMI, HOA, fees, prepayments, variable rates, or lender-specific first/last-period interest rules. Results are budgeting estimates, not financial advice or loan approval guidance.
FAQ
Is this loan calculator free to use?
Yes. It is free to use and the calculation screen has no distracting ads.
Does it save or upload my financial data?
No. Calculations run locally in your browser, and your loan amount, rate, and term are not sent to a server.
Can I calculate auto loans with this?
Yes. The model works for fixed-rate installment loans with a fixed term, including mortgages, auto loans, and personal loans.
What is the difference between fixed payment and equal principal?
Fixed payment keeps each monthly payment the same, with more interest early in the schedule. Equal principal pays the same principal each month, so payments decline and total interest is usually lower.
What is an amortization schedule?
It is a period-by-period table showing how much of each payment goes to principal, how much goes to interest, and what balance remains.
Why might my lender quote a different number?
Lenders may include taxes, insurance, fees, daily interest, first/last-period adjustments, or variable-rate rules. This tool focuses on fixed-rate principal-and-interest math for fast comparison.