A 30-year fixed rate means the payment you calculate today is the payment you’ll have in year 29. Here’s exactly what that number is.
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Get your monthly payment, full amortization schedule, and see how extra payments cut your payoff time. Calculated in your browser.
| Year | Principal paid | Interest paid | Remaining balance |
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How loan EMI and amortization are calculated
Monthly payment (EMI) = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Each payment splits between interest (on the remaining balance) and principal — early payments are mostly interest, later ones mostly principal. Any extra monthly payment goes entirely to principal, which reduces future interest and shortens the loan.
Loan calculator FAQ
How is a loan EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This gives a fixed payment that covers both interest and principal over the loan term.
What is the difference between a loan calculator and a mortgage calculator?
They use the same amortization math — a mortgage is simply a loan secured against property. This calculator works for both personal loans, auto loans and home mortgages; just enter the loan amount, rate and term.
How much interest can I save by paying extra each month?
Extra payments go straight toward principal, which reduces the interest charged on every future payment and shortens the loan term. Even a modest extra amount can save thousands in interest and cut years off a mortgage — see the comparison above for your exact numbers.
Does this calculator include a full amortization schedule?
Yes. Scroll to the year-by-year breakdown table to see principal paid, interest paid and remaining balance for every year of the loan.
What is an amortization schedule?
An amortization schedule shows how each payment splits between interest and principal over the life of a loan. Early payments are mostly interest; later payments are mostly principal, even though the total payment stays the same.
Is this loan calculator free and private?
Yes. It runs entirely in your browser — no amounts are uploaded, stored or shared, and there is no sign-up.
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Why the 30-year fixed dominates the US market
Unlike most other countries, a US borrower can lock a single interest rate for the entire loan term, most commonly 30 years, occasionally 15 for a faster payoff with a higher monthly payment. That rate never changes regardless of what the Federal Reserve does afterward, which is exactly what this calculator assumes: enter your rate and term once, and every number it shows holds for the life of the loan unless you refinance.
This shows principal and interest, not your full monthly bill
Most US homeowners pay more each month than the number this calculator produces, because a typical mortgage servicer collects property tax and homeowners insurance alongside the loan payment through an escrow account, then pays those bills on your behalf once or twice a year. If your down payment is under 20%, private mortgage insurance (PMI) usually gets added too, until you reach 20% equity. This tool covers principal and interest only, the core loan payment, add your own property tax, insurance and PMI estimates on top for your real total monthly cost.
15-year vs 30-year: run both
A 15-year fixed typically carries a lower interest rate than a 30-year on the same loan, and the shorter term means dramatically less total interest paid, at the cost of a meaningfully higher monthly payment. Enter your loan amount and rate with a 30-year term, note the numbers, then change only the term to 15 and compare. The gap in total interest paid is usually much larger than most people expect.
Extra payments: no penalty in almost every case
Prepayment penalties are rare on US residential mortgages today; most loans let you pay extra toward principal at any time without a fee. The extra-payment field above shows exactly how much that habit is worth: a modest additional amount each month, applied consistently, can cut years off a 30-year term and save a substantial amount in interest, since every extra dollar goes straight to principal instead of being split with interest the way a regular payment is.