How is the monthly payment calculated?

Monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1] where P is principal, r is monthly interest rate and n is number of payments.

What is an amortization schedule?

An amortization schedule is a table showing each monthly payment, how much goes to principal and interest, and the remaining balance over the life of the loan.

Can I calculate a mortgage?

Yes. Enter your loan amount, annual interest rate and loan term in years to calculate monthly mortgage payments and total interest.

Is my data sent to a server?

No. All calculations happen locally in your browser and no data is sent to any server.

💰 Free Online Tool

Loan Calculator

Enter your loan details and hit Calculate to see your monthly payment, total interest, payoff date and a full amortization schedule.

Loan Details

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (Years)

Extra Monthly Payment ($) Saves interest & time

Monthly Payment

—

Total Interest

—

Total Cost

—

Payoff Date

—

Total Months

—

Principal

—

Total Interest

—

Total Cost

—

Payoff Date

❌ Without Extra Payment

Loan term—

Total interest paid—

Total amount paid—

Payoff date—

✅ With Extra Extra/Month

Loan term—

Total interest paid—

Total amount paid—

Payoff date—

💡 Try entering an extra monthly amount above to see how much you can save — even $50/month makes a big difference.

Personalized Tips

⚠️ Disclaimer: These tips are general suggestions generated based on your loan numbers for informational purposes only. They do not constitute professional financial advice. JJ Creator is not responsible for any financial decisions, losses or outcomes resulting from the use of this tool. Please consult a qualified financial advisor before making any significant loan or financial decisions.

Amortization Schedule

#	Payment	Principal	Interest	Balance