Mortgage and loan calculator

For a mortgage, car loan or personal loan. See the monthly payment and the full interest bill, then find out what paying a little extra would save.

Your numbers

CurrencyLoan amount$Interest rate per year%Loan termyearsExtra each month$Optional. Paid on top of the normal payment.One-off extra payment$Optional, such as a bonus.

Your numbers stay in this browser so they are here when you come back. Nothing is sent to us.

Monthly payment

$1,688

$1,788 with your extra

Total interest

$256,405

Over 25 years

Total repaid

$506,405

Interest saved by paying extra

$37,671

Total interest $218,734

Paid off sooner by

3 years 1 month

Done in 21 years 11 months

What you still owe, year by yearWith extra paymentsStandard

See the amortization schedule with your extra payments

Year	Interest paid	Loan repaid	Still owed
1	$16,092	$5,364	$244,636
2	$15,733	$5,723	$238,912
3	$15,350	$6,107	$232,806
4	$14,941	$6,516	$226,290
5	$14,504	$6,952	$219,338
6	$14,039	$7,418	$211,920
7	$13,542	$7,914	$204,006
8	$13,012	$8,444	$195,561
9	$12,446	$9,010	$186,551
10	$11,843	$9,613	$176,938
11	$11,199	$10,257	$166,681
12	$10,512	$10,944	$155,737
13	$9,779	$11,677	$144,060
14	$8,997	$12,459	$131,600
15	$8,163	$13,294	$118,307
16	$7,272	$14,184	$104,123
17	$6,322	$15,134	$88,989
18	$5,309	$16,147	$72,842
19	$4,227	$17,229	$55,613
20	$3,074	$18,383	$37,230
21	$1,842	$19,614	$17,617
22	$537	$17,617	$0

How this calculator works

A standard repayment loan has one fixed monthly payment. Early on, most of it goes to interest, because interest is charged on a large balance. As the balance falls, more of each payment goes to the loan itself. This is called amortization, and the year-by-year table is your amortization schedule.

An extra payment goes straight to the balance. Every later month then charges interest on a smaller amount, so the saving keeps building. That is why small extra payments early in a loan save far more than the same amount near the end.

An example

Borrow 250,000 at 6.5% over 25 years and the payment is about 1,688 a month, with about 256,400 paid in interest. Add 100 a month and the loan ends about three years early, saving roughly 37,700 in interest. A single extra 10,000 at the start of year two saves about 34,000 and over two years.

Before you pay extra

Check for early repayment fees. Some loans and fixed-rate mortgages charge for paying early, or cap overpayments each year.
Pay costlier debt first. A credit card at 20% or more costs far more than most mortgages.
Keep an emergency fund. Money paid into a loan is hard to get back if you need it quickly.

Questions people ask

Is it better to shorten the term or lower the payment?

This calculator shows the shorter-term route: the payment stays the same and the loan ends sooner, which saves the most interest. Some lenders can instead lower your payment after an overpayment, which eases your budget but saves less.

Does this work for interest-only or variable-rate loans?

It assumes a fixed rate and a standard repayment loan. For a variable rate, run it again with a few different rates to see a range.

Why is my lender's figure slightly different?

Lenders may calculate interest daily, round payments, or add fees and insurance. Use their documents for exact figures and this tool to compare choices.

For education only, not financial advice. Results are estimates from the numbers you enter. Returns are illustrative, not a forecast or a promise, and real results depend on fees, taxes, timing and your lender's or provider's exact terms. See our editorial policy.

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