Loan Payment Calculator

Enter a loan amount, a yearly interest rate and a term, and get the monthly payment, the total interest and the total you will pay. A year-by-year table and a full month-by-month schedule show how each payment splits between interest and principal. Add an extra monthly payment to see how much interest it saves and how many months sooner the loan ends. Everything runs in your browser. This is a calculator for information, not financial advice.

Loan amount

Interest rate per year (%)

Years

Months

Extra payment each month

Monthly payment

1,798.65

Total interest

347,515.44

Total paid

647,515.44

Over 360 payments, the last one is 1,800.09

Paid off after

30 years

Year by year

Year	Paid	Interest	Principal	Balance
1	21,583.80	17,899.80	3,684.00	296,316.00
2	21,583.80	17,672.54	3,911.26	292,404.74
3	21,583.80	17,431.32	4,152.48	288,252.26
4	21,583.80	17,175.19	4,408.61	283,843.65
5	21,583.80	16,903.29	4,680.51	279,163.14
6	21,583.80	16,614.61	4,969.19	274,193.95
7	21,583.80	16,308.11	5,275.69	268,918.26
8	21,583.80	15,982.74	5,601.06	263,317.20
9	21,583.80	15,637.26	5,946.54	257,370.66
10	21,583.80	15,270.50	6,313.30	251,057.36
11	21,583.80	14,881.12	6,702.68	244,354.68
12	21,583.80	14,467.71	7,116.09	237,238.59
13	21,583.80	14,028.78	7,555.02	229,683.57
14	21,583.80	13,562.86	8,020.94	221,662.63
15	21,583.80	13,068.10	8,515.70	213,146.93
16	21,583.80	12,542.88	9,040.92	204,106.01
17	21,583.80	11,985.26	9,598.54	194,507.47
18	21,583.80	11,393.25	10,190.55	184,316.92
19	21,583.80	10,764.69	10,819.11	173,497.81
20	21,583.80	10,097.41	11,486.39	162,011.42
21	21,583.80	9,388.94	12,194.86	149,816.56
22	21,583.80	8,636.79	12,947.01	136,869.55
23	21,583.80	7,838.27	13,745.53	123,124.02
24	21,583.80	6,990.46	14,593.34	108,530.68
25	21,583.80	6,090.37	15,493.43	93,037.25
26	21,583.80	5,134.77	16,449.03	76,588.22
27	21,583.80	4,120.23	17,463.57	59,124.65
28	21,583.80	3,043.13	18,540.67	40,583.98
29	21,583.80	1,899.57	19,684.23	20,899.75
30	21,585.24	685.49	20,899.75	0.00

Every monthly payment (360)

Month	Payment	Interest	Principal	Balance
1	1,798.65	1,500.00	298.65	299,701.35
2	1,798.65	1,498.51	300.14	299,401.21
3	1,798.65	1,497.01	301.64	299,099.57
4	1,798.65	1,495.50	303.15	298,796.42
5	1,798.65	1,493.98	304.67	298,491.75
6	1,798.65	1,492.46	306.19	298,185.56
7	1,798.65	1,490.93	307.72	297,877.84
8	1,798.65	1,489.39	309.26	297,568.58
9	1,798.65	1,487.84	310.81	297,257.77
10	1,798.65	1,486.29	312.36	296,945.41
11	1,798.65	1,484.73	313.92	296,631.49
12	1,798.65	1,483.16	315.49	296,316.00
13	1,798.65	1,481.58	317.07	295,998.93
14	1,798.65	1,479.99	318.66	295,680.27
15	1,798.65	1,478.40	320.25	295,360.02
16	1,798.65	1,476.80	321.85	295,038.17
17	1,798.65	1,475.19	323.46	294,714.71
18	1,798.65	1,473.57	325.08	294,389.63
19	1,798.65	1,471.95	326.70	294,062.93
20	1,798.65	1,470.31	328.34	293,734.59
21	1,798.65	1,468.67	329.98	293,404.61
22	1,798.65	1,467.02	331.63	293,072.98
23	1,798.65	1,465.36	333.29	292,739.69
24	1,798.65	1,463.70	334.95	292,404.74
25	1,798.65	1,462.02	336.63	292,068.11
26	1,798.65	1,460.34	338.31	291,729.80
27	1,798.65	1,458.65	340.00	291,389.80
28	1,798.65	1,456.95	341.70	291,048.10
29	1,798.65	1,455.24	343.41	290,704.69
30	1,798.65	1,453.52	345.13	290,359.56
31	1,798.65	1,451.80	346.85	290,012.71
32	1,798.65	1,450.06	348.59	289,664.12
33	1,798.65	1,448.32	350.33	289,313.79
34	1,798.65	1,446.57	352.08	288,961.71
35	1,798.65	1,444.81	353.84	288,607.87
36	1,798.65	1,443.04	355.61	288,252.26
37	1,798.65	1,441.26	357.39	287,894.87
38	1,798.65	1,439.47	359.18	287,535.69
39	1,798.65	1,437.68	360.97	287,174.72
40	1,798.65	1,435.87	362.78	286,811.94
41	1,798.65	1,434.06	364.59	286,447.35
42	1,798.65	1,432.24	366.41	286,080.94
43	1,798.65	1,430.40	368.25	285,712.69
44	1,798.65	1,428.56	370.09	285,342.60
45	1,798.65	1,426.71	371.94	284,970.66
46	1,798.65	1,424.85	373.80	284,596.86
47	1,798.65	1,422.98	375.67	284,221.19
48	1,798.65	1,421.11	377.54	283,843.65
49	1,798.65	1,419.22	379.43	283,464.22
50	1,798.65	1,417.32	381.33	283,082.89
51	1,798.65	1,415.41	383.24	282,699.65
52	1,798.65	1,413.50	385.15	282,314.50
53	1,798.65	1,411.57	387.08	281,927.42
54	1,798.65	1,409.64	389.01	281,538.41
55	1,798.65	1,407.69	390.96	281,147.45
56	1,798.65	1,405.74	392.91	280,754.54
57	1,798.65	1,403.77	394.88	280,359.66
58	1,798.65	1,401.80	396.85	279,962.81
59	1,798.65	1,399.81	398.84	279,563.97
60	1,798.65	1,397.82	400.83	279,163.14
61	1,798.65	1,395.82	402.83	278,760.31
62	1,798.65	1,393.80	404.85	278,355.46
63	1,798.65	1,391.78	406.87	277,948.59
64	1,798.65	1,389.74	408.91	277,539.68
65	1,798.65	1,387.70	410.95	277,128.73
66	1,798.65	1,385.64	413.01	276,715.72
67	1,798.65	1,383.58	415.07	276,300.65
68	1,798.65	1,381.50	417.15	275,883.50
69	1,798.65	1,379.42	419.23	275,464.27
70	1,798.65	1,377.32	421.33	275,042.94
71	1,798.65	1,375.21	423.44	274,619.50
72	1,798.65	1,373.10	425.55	274,193.95
73	1,798.65	1,370.97	427.68	273,766.27
74	1,798.65	1,368.83	429.82	273,336.45
75	1,798.65	1,366.68	431.97	272,904.48
76	1,798.65	1,364.52	434.13	272,470.35
77	1,798.65	1,362.35	436.30	272,034.05
78	1,798.65	1,360.17	438.48	271,595.57
79	1,798.65	1,357.98	440.67	271,154.90
80	1,798.65	1,355.77	442.88	270,712.02
81	1,798.65	1,353.56	445.09	270,266.93
82	1,798.65	1,351.33	447.32	269,819.61
83	1,798.65	1,349.10	449.55	269,370.06
84	1,798.65	1,346.85	451.80	268,918.26
85	1,798.65	1,344.59	454.06	268,464.20
86	1,798.65	1,342.32	456.33	268,007.87
87	1,798.65	1,340.04	458.61	267,549.26
88	1,798.65	1,337.75	460.90	267,088.36
89	1,798.65	1,335.44	463.21	266,625.15
90	1,798.65	1,333.13	465.52	266,159.63
91	1,798.65	1,330.80	467.85	265,691.78
92	1,798.65	1,328.46	470.19	265,221.59
93	1,798.65	1,326.11	472.54	264,749.05
94	1,798.65	1,323.75	474.90	264,274.15
95	1,798.65	1,321.37	477.28	263,796.87
96	1,798.65	1,318.98	479.67	263,317.20
97	1,798.65	1,316.59	482.06	262,835.14
98	1,798.65	1,314.18	484.47	262,350.67
99	1,798.65	1,311.75	486.90	261,863.77
100	1,798.65	1,309.32	489.33	261,374.44
101	1,798.65	1,306.87	491.78	260,882.66
102	1,798.65	1,304.41	494.24	260,388.42
103	1,798.65	1,301.94	496.71	259,891.71
104	1,798.65	1,299.46	499.19	259,392.52
105	1,798.65	1,296.96	501.69	258,890.83
106	1,798.65	1,294.45	504.20	258,386.63
107	1,798.65	1,291.93	506.72	257,879.91
108	1,798.65	1,289.40	509.25	257,370.66
109	1,798.65	1,286.85	511.80	256,858.86
110	1,798.65	1,284.29	514.36	256,344.50
111	1,798.65	1,281.72	516.93	255,827.57
112	1,798.65	1,279.14	519.51	255,308.06
113	1,798.65	1,276.54	522.11	254,785.95
114	1,798.65	1,273.93	524.72	254,261.23
115	1,798.65	1,271.31	527.34	253,733.89
116	1,798.65	1,268.67	529.98	253,203.91
117	1,798.65	1,266.02	532.63	252,671.28
118	1,798.65	1,263.36	535.29	252,135.99
119	1,798.65	1,260.68	537.97	251,598.02
120	1,798.65	1,257.99	540.66	251,057.36
121	1,798.65	1,255.29	543.36	250,514.00
122	1,798.65	1,252.57	546.08	249,967.92
123	1,798.65	1,249.84	548.81	249,419.11
124	1,798.65	1,247.10	551.55	248,867.56
125	1,798.65	1,244.34	554.31	248,313.25
126	1,798.65	1,241.57	557.08	247,756.17
127	1,798.65	1,238.78	559.87	247,196.30
128	1,798.65	1,235.98	562.67	246,633.63
129	1,798.65	1,233.17	565.48	246,068.15
130	1,798.65	1,230.34	568.31	245,499.84
131	1,798.65	1,227.50	571.15	244,928.69
132	1,798.65	1,224.64	574.01	244,354.68
133	1,798.65	1,221.77	576.88	243,777.80
134	1,798.65	1,218.89	579.76	243,198.04
135	1,798.65	1,215.99	582.66	242,615.38
136	1,798.65	1,213.08	585.57	242,029.81
137	1,798.65	1,210.15	588.50	241,441.31
138	1,798.65	1,207.21	591.44	240,849.87
139	1,798.65	1,204.25	594.40	240,255.47
140	1,798.65	1,201.28	597.37	239,658.10
141	1,798.65	1,198.29	600.36	239,057.74
142	1,798.65	1,195.29	603.36	238,454.38
143	1,798.65	1,192.27	606.38	237,848.00
144	1,798.65	1,189.24	609.41	237,238.59
145	1,798.65	1,186.19	612.46	236,626.13
146	1,798.65	1,183.13	615.52	236,010.61
147	1,798.65	1,180.05	618.60	235,392.01
148	1,798.65	1,176.96	621.69	234,770.32
149	1,798.65	1,173.85	624.80	234,145.52
150	1,798.65	1,170.73	627.92	233,517.60
151	1,798.65	1,167.59	631.06	232,886.54
152	1,798.65	1,164.43	634.22	232,252.32
153	1,798.65	1,161.26	637.39	231,614.93
154	1,798.65	1,158.07	640.58	230,974.35
155	1,798.65	1,154.87	643.78	230,330.57
156	1,798.65	1,151.65	647.00	229,683.57
157	1,798.65	1,148.42	650.23	229,033.34
158	1,798.65	1,145.17	653.48	228,379.86
159	1,798.65	1,141.90	656.75	227,723.11
160	1,798.65	1,138.62	660.03	227,063.08
161	1,798.65	1,135.32	663.33	226,399.75
162	1,798.65	1,132.00	666.65	225,733.10
163	1,798.65	1,128.67	669.98	225,063.12
164	1,798.65	1,125.32	673.33	224,389.79
165	1,798.65	1,121.95	676.70	223,713.09
166	1,798.65	1,118.57	680.08	223,033.01
167	1,798.65	1,115.17	683.48	222,349.53
168	1,798.65	1,111.75	686.90	221,662.63
169	1,798.65	1,108.31	690.34	220,972.29
170	1,798.65	1,104.86	693.79	220,278.50
171	1,798.65	1,101.39	697.26	219,581.24
172	1,798.65	1,097.91	700.74	218,880.50
173	1,798.65	1,094.40	704.25	218,176.25
174	1,798.65	1,090.88	707.77	217,468.48
175	1,798.65	1,087.34	711.31	216,757.17
176	1,798.65	1,083.79	714.86	216,042.31
177	1,798.65	1,080.21	718.44	215,323.87
178	1,798.65	1,076.62	722.03	214,601.84
179	1,798.65	1,073.01	725.64	213,876.20
180	1,798.65	1,069.38	729.27	213,146.93
181	1,798.65	1,065.73	732.92	212,414.01
182	1,798.65	1,062.07	736.58	211,677.43
183	1,798.65	1,058.39	740.26	210,937.17
184	1,798.65	1,054.69	743.96	210,193.21
185	1,798.65	1,050.97	747.68	209,445.53
186	1,798.65	1,047.23	751.42	208,694.11
187	1,798.65	1,043.47	755.18	207,938.93
188	1,798.65	1,039.69	758.96	207,179.97
189	1,798.65	1,035.90	762.75	206,417.22
190	1,798.65	1,032.09	766.56	205,650.66
191	1,798.65	1,028.25	770.40	204,880.26
192	1,798.65	1,024.40	774.25	204,106.01
193	1,798.65	1,020.53	778.12	203,327.89
194	1,798.65	1,016.64	782.01	202,545.88
195	1,798.65	1,012.73	785.92	201,759.96
196	1,798.65	1,008.80	789.85	200,970.11
197	1,798.65	1,004.85	793.80	200,176.31
198	1,798.65	1,000.88	797.77	199,378.54
199	1,798.65	996.89	801.76	198,576.78
200	1,798.65	992.88	805.77	197,771.01
201	1,798.65	988.86	809.79	196,961.22
202	1,798.65	984.81	813.84	196,147.38
203	1,798.65	980.74	817.91	195,329.47
204	1,798.65	976.65	822.00	194,507.47
205	1,798.65	972.54	826.11	193,681.36
206	1,798.65	968.41	830.24	192,851.12
207	1,798.65	964.26	834.39	192,016.73
208	1,798.65	960.08	838.57	191,178.16
209	1,798.65	955.89	842.76	190,335.40
210	1,798.65	951.68	846.97	189,488.43
211	1,798.65	947.44	851.21	188,637.22
212	1,798.65	943.19	855.46	187,781.76
213	1,798.65	938.91	859.74	186,922.02
214	1,798.65	934.61	864.04	186,057.98
215	1,798.65	930.29	868.36	185,189.62
216	1,798.65	925.95	872.70	184,316.92
217	1,798.65	921.58	877.07	183,439.85
218	1,798.65	917.20	881.45	182,558.40
219	1,798.65	912.79	885.86	181,672.54
220	1,798.65	908.36	890.29	180,782.25
221	1,798.65	903.91	894.74	179,887.51
222	1,798.65	899.44	899.21	178,988.30
223	1,798.65	894.94	903.71	178,084.59
224	1,798.65	890.42	908.23	177,176.36
225	1,798.65	885.88	912.77	176,263.59
226	1,798.65	881.32	917.33	175,346.26
227	1,798.65	876.73	921.92	174,424.34
228	1,798.65	872.12	926.53	173,497.81
229	1,798.65	867.49	931.16	172,566.65
230	1,798.65	862.83	935.82	171,630.83
231	1,798.65	858.15	940.50	170,690.33
232	1,798.65	853.45	945.20	169,745.13
233	1,798.65	848.73	949.92	168,795.21
234	1,798.65	843.98	954.67	167,840.54
235	1,798.65	839.20	959.45	166,881.09
236	1,798.65	834.41	964.24	165,916.85
237	1,798.65	829.58	969.07	164,947.78
238	1,798.65	824.74	973.91	163,973.87
239	1,798.65	819.87	978.78	162,995.09
240	1,798.65	814.98	983.67	162,011.42
241	1,798.65	810.06	988.59	161,022.83
242	1,798.65	805.11	993.54	160,029.29
243	1,798.65	800.15	998.50	159,030.79
244	1,798.65	795.15	1,003.50	158,027.29
245	1,798.65	790.14	1,008.51	157,018.78
246	1,798.65	785.09	1,013.56	156,005.22
247	1,798.65	780.03	1,018.62	154,986.60
248	1,798.65	774.93	1,023.72	153,962.88
249	1,798.65	769.81	1,028.84	152,934.04
250	1,798.65	764.67	1,033.98	151,900.06
251	1,798.65	759.50	1,039.15	150,860.91
252	1,798.65	754.30	1,044.35	149,816.56
253	1,798.65	749.08	1,049.57	148,766.99
254	1,798.65	743.83	1,054.82	147,712.17
255	1,798.65	738.56	1,060.09	146,652.08
256	1,798.65	733.26	1,065.39	145,586.69
257	1,798.65	727.93	1,070.72	144,515.97
258	1,798.65	722.58	1,076.07	143,439.90
259	1,798.65	717.20	1,081.45	142,358.45
260	1,798.65	711.79	1,086.86	141,271.59
261	1,798.65	706.36	1,092.29	140,179.30
262	1,798.65	700.90	1,097.75	139,081.55
263	1,798.65	695.41	1,103.24	137,978.31
264	1,798.65	689.89	1,108.76	136,869.55
265	1,798.65	684.35	1,114.30	135,755.25
266	1,798.65	678.78	1,119.87	134,635.38
267	1,798.65	673.18	1,125.47	133,509.91
268	1,798.65	667.55	1,131.10	132,378.81
269	1,798.65	661.89	1,136.76	131,242.05
270	1,798.65	656.21	1,142.44	130,099.61
271	1,798.65	650.50	1,148.15	128,951.46
272	1,798.65	644.76	1,153.89	127,797.57
273	1,798.65	638.99	1,159.66	126,637.91
274	1,798.65	633.19	1,165.46	125,472.45
275	1,798.65	627.36	1,171.29	124,301.16
276	1,798.65	621.51	1,177.14	123,124.02
277	1,798.65	615.62	1,183.03	121,940.99
278	1,798.65	609.70	1,188.95	120,752.04
279	1,798.65	603.76	1,194.89	119,557.15
280	1,798.65	597.79	1,200.86	118,356.29
281	1,798.65	591.78	1,206.87	117,149.42
282	1,798.65	585.75	1,212.90	115,936.52
283	1,798.65	579.68	1,218.97	114,717.55
284	1,798.65	573.59	1,225.06	113,492.49
285	1,798.65	567.46	1,231.19	112,261.30
286	1,798.65	561.31	1,237.34	111,023.96
287	1,798.65	555.12	1,243.53	109,780.43
288	1,798.65	548.90	1,249.75	108,530.68
289	1,798.65	542.65	1,256.00	107,274.68
290	1,798.65	536.37	1,262.28	106,012.40
291	1,798.65	530.06	1,268.59	104,743.81
292	1,798.65	523.72	1,274.93	103,468.88
293	1,798.65	517.34	1,281.31	102,187.57
294	1,798.65	510.94	1,287.71	100,899.86
295	1,798.65	504.50	1,294.15	99,605.71
296	1,798.65	498.03	1,300.62	98,305.09
297	1,798.65	491.53	1,307.12	96,997.97
298	1,798.65	484.99	1,313.66	95,684.31
299	1,798.65	478.42	1,320.23	94,364.08
300	1,798.65	471.82	1,326.83	93,037.25
301	1,798.65	465.19	1,333.46	91,703.79
302	1,798.65	458.52	1,340.13	90,363.66
303	1,798.65	451.82	1,346.83	89,016.83
304	1,798.65	445.08	1,353.57	87,663.26
305	1,798.65	438.32	1,360.33	86,302.93
306	1,798.65	431.51	1,367.14	84,935.79
307	1,798.65	424.68	1,373.97	83,561.82
308	1,798.65	417.81	1,380.84	82,180.98
309	1,798.65	410.90	1,387.75	80,793.23
310	1,798.65	403.97	1,394.68	79,398.55
311	1,798.65	396.99	1,401.66	77,996.89
312	1,798.65	389.98	1,408.67	76,588.22
313	1,798.65	382.94	1,415.71	75,172.51
314	1,798.65	375.86	1,422.79	73,749.72
315	1,798.65	368.75	1,429.90	72,319.82
316	1,798.65	361.60	1,437.05	70,882.77
317	1,798.65	354.41	1,444.24	69,438.53
318	1,798.65	347.19	1,451.46	67,987.07
319	1,798.65	339.94	1,458.71	66,528.36
320	1,798.65	332.64	1,466.01	65,062.35
321	1,798.65	325.31	1,473.34	63,589.01
322	1,798.65	317.95	1,480.70	62,108.31
323	1,798.65	310.54	1,488.11	60,620.20
324	1,798.65	303.10	1,495.55	59,124.65
325	1,798.65	295.62	1,503.03	57,621.62
326	1,798.65	288.11	1,510.54	56,111.08
327	1,798.65	280.56	1,518.09	54,592.99
328	1,798.65	272.96	1,525.69	53,067.30
329	1,798.65	265.34	1,533.31	51,533.99
330	1,798.65	257.67	1,540.98	49,993.01
331	1,798.65	249.97	1,548.68	48,444.33
332	1,798.65	242.22	1,556.43	46,887.90
333	1,798.65	234.44	1,564.21	45,323.69
334	1,798.65	226.62	1,572.03	43,751.66
335	1,798.65	218.76	1,579.89	42,171.77
336	1,798.65	210.86	1,587.79	40,583.98
337	1,798.65	202.92	1,595.73	38,988.25
338	1,798.65	194.94	1,603.71	37,384.54
339	1,798.65	186.92	1,611.73	35,772.81
340	1,798.65	178.86	1,619.79	34,153.02
341	1,798.65	170.77	1,627.88	32,525.14
342	1,798.65	162.63	1,636.02	30,889.12
343	1,798.65	154.45	1,644.20	29,244.92
344	1,798.65	146.22	1,652.43	27,592.49
345	1,798.65	137.96	1,660.69	25,931.80
346	1,798.65	129.66	1,668.99	24,262.81
347	1,798.65	121.31	1,677.34	22,585.47
348	1,798.65	112.93	1,685.72	20,899.75
349	1,798.65	104.50	1,694.15	19,205.60
350	1,798.65	96.03	1,702.62	17,502.98
351	1,798.65	87.51	1,711.14	15,791.84
352	1,798.65	78.96	1,719.69	14,072.15
353	1,798.65	70.36	1,728.29	12,343.86
354	1,798.65	61.72	1,736.93	10,606.93
355	1,798.65	53.03	1,745.62	8,861.31
356	1,798.65	44.31	1,754.34	7,106.97
357	1,798.65	35.53	1,763.12	5,343.85
358	1,798.65	26.72	1,771.93	3,571.92
359	1,798.65	17.86	1,780.79	1,791.13
360	1,800.09	8.96	1,791.13	0.00

For information only, not financial advice. This is a fixed-rate loan paid monthly, with interest worked out on the balance each month and rounded to the cent. Your lender may round, count days or add fees and insurance differently, so check the loan agreement.

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About the Loan Payment Calculator

The loan payment calculator uses the standard fixed-rate formula: the payment is the amount times the monthly rate times (1 + the monthly rate) to the power n, divided by that same power minus 1, where n is the number of monthly payments. It works the payment out with exact whole-number fractions and rounds it half up to the cent, so a result such as 1,798.65 for 300,000 at 6% over 30 years is not off by a rounding error. Each month it then charges interest on the balance, rounded to the cent, and takes the rest of the payment off the principal. Because every payment is rounded to the cent, the last payment is slightly different, 1,800.09 in that example, so the loan ends at exactly 0. An extra monthly payment goes straight to the principal, and the tool shows the interest it saves and the months it removes by comparing with the same loan without it. Input is read strictly: amounts with up to 2 decimals, a rate from 0 to 100 percent with up to 4 decimals, and a term of 1 month to 50 years, and anything else is reported instead of guessed. The results were compared with Python's Fraction and Decimal types on 4,000 loans, with and without extra payments, and match to the cent. Your lender may round or count days differently, and fees, insurance and taxes are not included, so treat the result as an estimate. This tool is for information only and is not financial advice. Everything runs in your browser and nothing is uploaded.

How is a monthly loan payment calculated?▾

With the formula payment = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the yearly rate divided by 12 as a decimal and n is the number of monthly payments. For 300,000 at 6% over 30 years it gives 1,798.65 a month.

Why is the last payment different?▾

Every payment is rounded to the cent, so after hundreds of payments the balance is a few cents off. The last payment absorbs that difference, which is why the schedule ends at exactly 0.

Do extra payments really save that much?▾

Often yes, because extra money goes to the principal and stops interest from being charged on it for the rest of the loan. Adding 200 a month to 300,000 at 6% over 30 years ends the loan after 23 years 3 months and saves about 91,000 in interest.

Is this financial advice?▾

No. It is a calculator that does the arithmetic for the settings you enter. Your lender's figures may differ because of fees, insurance, taxes and how interest is rounded, so check the loan agreement.

Is my data uploaded?▾

No. The calculation runs in your browser, and what you type is not sent anywhere or stored.