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USDEN
$
$1,000$2,000,000
%
0.1%30%
years
1 yr30 yrs
Typical 30-year US mortgageRates vary by lender and credit score. Enter your own numbers above for a personalized estimate.
Monthly payment
$1,896
30-year fixed mortgage
Principal
$300,000
Total interest
—
over 30 years total
Total cost
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Payoff year
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Principal—Interest—
Payment breakdown
How your total cost is split between the amount borrowed and interest paid to the lender.
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principal
Principal borrowed
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Total interest paid
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Total amount repaid—
Loan fully paid off—
Amortization schedule
Year-by-year breakdown of every payment.
Year
Starting balance
Principal paid
Interest paid
Ending balance
How loan payments are calculated
Every fixed-rate loan uses the same standard amortization formula. Your monthly payment is calculated so that equal instalments cover both the interest accruing on the remaining balance and a portion of the original principal, fully paying off the loan by the final month.
The formula
M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
MMonthly payment
PPrincipal (the loan amount)
rMonthly rate (annual rate ÷ 12)
nTotal payments (years × 12)
How to lower your monthly payment
Three levers control your monthly payment. Adjusting any one of them immediately changes what you owe each month:
A larger down payment reduces the principal directly: less borrowed means lower monthly payments and less total interest paid.
A longer loan term spreads payments over more months. Your monthly bill drops, but total interest paid over the life of the loan increases.
A lower interest rate has a compounding effect: even 0.5% difference on a $300,000 mortgage saves over $30,000 in total interest.
Improving your credit score before applying typically qualifies you for better rates. Check your score 3–6 months before borrowing.
Frequently asked questions
The standard loan payment formula is: Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula ensures equal payments every month that fully repay the loan including interest over the agreed term.
An amortization schedule shows how each payment is divided between principal and interest over the full loan term. In the early years, most of each payment goes toward interest. Over time, a greater portion reduces the principal balance. LoanCalc generates a complete year-by-year schedule showing exactly how your balance decreases with each passing year.
Yes. The loan payment formula is the same worldwide. You enter your own loan amount (in any currency), your own interest rate, and your own loan term. LoanCalc never fetches external data: all calculations happen in your browser. There is no country-specific data, no tax law dependency, and no requirement to be connected to anything.
Three strategies reduce total interest: (1) Choose a shorter loan term: a 15-year mortgage versus a 30-year mortgage at the same rate roughly halves the total interest paid. (2) Make extra principal payments whenever possible: even small additional amounts each month significantly reduce the final total. (3) Secure a lower interest rate through a stronger credit score, comparison shopping across multiple lenders, or refinancing when rates fall.
Yes, completely free. No account required. No signup. No email collection. No premium features behind a paywall. The calculator, amortization schedule, and payment breakdown chart are all fully accessible at no cost. LoanCalc is supported by display advertising: the calculator itself will always remain free.
Enter your current loan balance, interest rate, and remaining term, then enter the new rate and estimated closing costs. The refinance calculator shows your new monthly payment, the exact break-even month when your cumulative savings exceed the closing costs, and the total lifetime saving over the remaining loan term. As a general rule, refinancing is worthwhile if you plan to keep the loan longer than the break-even period and the rate reduction is at least 0.5%.
LoanCalc fetches the live gold spot price in USD from a financial market data source and converts it to your local currency using live exchange rates. The gold price is cached in your browser for one hour, so it refreshes frequently without making excessive API calls. Prices are displayed per troy ounce (the standard trading unit), per gram, and per kilogram for everyday reference.
The LoanCalc currency converter supports 30 major world currencies including USD, EUR, GBP, JPY, EGP, AED, SAR, CAD, AUD, CHF, CNY, INR, SGD, HKD, TRY, KRW, and more. Exchange rates are sourced from the Frankfurter open exchange rates API and updated every 24 hours. The converter automatically defaults the "to" currency based on your browser's locale settings.
LoanCalc shows live prices for ten widely tracked US stocks and funds: Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta (META), NVIDIA (NVDA), Tesla (TSLA), JPMorgan Chase (JPM), Berkshire Hathaway B (BRK.B), and the SPDR S&P 500 ETF (SPY). Prices are fetched from Yahoo Finance and updated every hour. Each chip shows the USD price, the percentage change from the previous close, and the equivalent in your local currency using live exchange rates.
Compound interest & savings growth calculator
See exactly how your savings or investment grows year by year with compound interest.
$
$100$1,000,000
$
$0$10,000/mo
%
0.1%30%
years
1 yr50 yrs
S&P 500 historical averageThe US stock market has returned ~7% annually after inflation over the long term.
Future value
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Total portfolio after20years
Total deposited
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Interest earned
—
Growth multiple
—
Target year
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Deposits—Growth—
Year-by-year growth
Balance at end of each year, split between your deposits and compound growth.
Refinance calculator: how much will you save?
Enter your current loan details and the new rate you've been offered.
Current loan
$
$1,000$2,000,000
%
0.5%20%
years
1 yr30 yrs
New loan offer
%
0.5%20%
$
$0$20,000
Monthly savings
—
Per month with the new rate
Old payment
—
New payment
—
Break-even
—
Total lifetime savings
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Enter your loan details to see if refinancing makes sense.