FameOrbitA $200,000 mortgage at 6.5% over 30 years has a monthly payment of approximately $1,264.
Calculate your loan payment.
Free loan and mortgage calculator with amortization schedule. Find your monthly payment, total interest, and full repayment breakdown instantly.
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Loan / Mortgage Calculator
Enter loan details to see your monthly payment and total cost.
MONTHLY PAYMENTCalculated
$1,264.14
Total Payment
$455,088.98
Total Interest
$255,088.98
PrincipalInterest
First 12 Months — Amortization
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,264.14 | $180.80 | $1,083.33 | $199,819.20 |
| 2 | $1,264.14 | $181.78 | $1,082.35 | $199,637.42 |
| 3 | $1,264.14 | $182.77 | $1,081.37 | $199,454.65 |
| 4 | $1,264.14 | $183.76 | $1,080.38 | $199,270.89 |
| 5 | $1,264.14 | $184.75 | $1,079.38 | $199,086.14 |
| 6 | $1,264.14 | $185.75 | $1,078.38 | $198,900.39 |
| 7 | $1,264.14 | $186.76 | $1,077.38 | $198,713.63 |
| 8 | $1,264.14 | $187.77 | $1,076.37 | $198,525.86 |
| 9 | $1,264.14 | $188.79 | $1,075.35 | $198,337.07 |
| 10 | $1,264.14 | $189.81 | $1,074.33 | $198,147.26 |
| 11 | $1,264.14 | $190.84 | $1,073.30 | $197,956.42 |
| 12 | $1,264.14 | $191.87 | $1,072.26 | $197,764.55 |
How loan payments are calculated
Monthly loan payments are calculated using the standard amortization formula. Each payment covers the interest that has accrued on the outstanding balance, with the remainder reducing the principal.
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 ÷ 12), and n is the total number of monthly payments.
How to use this calculator
Enter the loan amount, annual interest rate, and loan term in years. The calculator will show your monthly payment, the total amount repaid over the life of the loan, and the total interest cost. Use the amortization schedule to see how much of each early payment goes toward interest versus reducing the principal balance.
Tips for managing loan costs
Even small additional payments toward the principal each month can significantly reduce the total interest paid and shorten the loan term. A lower interest rate or shorter term also reduces total interest, though it raises the monthly payment.
This calculator is for estimation purposes. Actual loan terms depend on your lender, credit profile, origination fees, and other factors. Always review the full loan agreement and consult a financial advisor for significant borrowing decisions.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a table showing each scheduled payment over the life of a loan, broken down into the interest portion and the principal reduction portion. In the early months of a loan, most of the payment goes to interest. Over time, more goes toward principal.
What is the difference between principal and interest?
Principal is the original amount borrowed. Interest is the cost charged by the lender for providing the loan. Each monthly payment first covers the interest due on the current outstanding balance, with the remainder reducing the principal.
How does the loan term affect total cost?
A longer term lowers the monthly payment but increases total interest paid over the life of the loan. A shorter term increases monthly payments but results in less total interest. For example, a 15-year mortgage typically costs significantly less in total interest than a 30-year mortgage at the same rate.
Should I include taxes and insurance in my calculation?
This calculator shows the principal-and-interest portion of a loan payment only. Real mortgage payments often also include property taxes, homeowners insurance, and possibly private mortgage insurance (PMI), which are not included here.