What do you want to calculate?
Loan Details
Balance Over Time
Payment Scenarios
| Term | Monthly | Total Interest | Total Paid |
|---|---|---|---|
| 10 years | $2,322 | $78,660 | $278,660 |
| 15 years | $1,798 | $123,578 | $323,578 |
| 20 years | $1,551 | $172,143 | $372,143 |
| 25 years | $1,414 | $224,068 | $424,068 |
| 30 years | $1,331 | $279,018 | $479,018 |
First 12 Months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,331 | $164 | $1,167 | $199,836 |
| 2 | $1,331 | $165 | $1,166 | $199,671 |
| 3 | $1,331 | $166 | $1,165 | $199,505 |
| 4 | $1,331 | $167 | $1,164 | $199,338 |
| 5 | $1,331 | $168 | $1,163 | $199,171 |
| 6 | $1,331 | $169 | $1,162 | $199,002 |
| 7 | $1,331 | $170 | $1,161 | $198,832 |
| 8 | $1,331 | $171 | $1,160 | $198,661 |
| 9 | $1,331 | $172 | $1,159 | $198,490 |
| 10 | $1,331 | $173 | $1,158 | $198,317 |
| 11 | $1,331 | $174 | $1,157 | $198,143 |
| 12 | $1,331 | $175 | $1,156 | $197,968 |
Payment Results
Monthly Payment
$1,331
Total Interest
$279,018
What if you adjusted the interest rate?
Monthly Payment
$1,331
Personalized Insights
3 insights based on your inputs
High Interest Cost
Total interest exceeds 50% of loan amount. Consider shorter term or refinancing options.
Consider Half the Term
Cutting your term in half saves $155,440 in interest.
Long-Term Commitment
This is a 30+ year loan. Make sure it aligns with your long-term plans.
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Frequently Asked Questions
How is monthly payment calculated?
Monthly payment uses the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n-1], where M=monthly payment, P=principal, r=monthly interest rate (annual/12), n=number of payments. This ensures equal payments that cover both interest and principal over the loan term.
What affects my loan payment the most?
Interest rate and term length have the biggest impact. A 1% rate increase on $200k over 30 years adds ~$120/month. Extending from 15 to 30 years cuts payment by ~40% but more than doubles total interest. Loan amount directly scales the payment.
Should I choose a shorter or longer term?
Shorter terms mean higher monthly payments but lower total interest. A 15-year mortgage at 6% on $200k costs $1,688/month with $104k interest. A 30-year costs $1,199/month but $232k interest. Choose based on monthly budget and long-term savings goals.
How much can I afford to borrow?
Most lenders use the 28/36 rule: housing costs under 28% of gross income, total debt under 36%. If you earn $6,000/month, aim for payments under $1,680. Also factor in taxes, insurance, and maintenance costs not included in the loan payment.
What is amortization?
Amortization spreads loan repayment over time with fixed payments. Early payments are mostly interest; later payments are mostly principal. On a 30-year mortgage, you don't reach 50% principal paid until year 20. Extra payments accelerate this timeline.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).