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Loan and mortgage payment calculator

Work out the monthly payment, total interest and payoff schedule for a loan.

$

 

%

 

years

 

Monthly payment

$1,498.88

Total interest
$289,595.47
Total paid
$539,595.47
Interest as a share of total paid
53.67%

Yearly amortisation

YearPrincipal paidInterest paidRemaining balance
1$3,070.03$14,916.49$246,929.97
2$3,259.38$14,727.13$243,670.59
3$3,460.41$14,526.10$240,210.18
4$3,673.84$14,312.67$236,536.33
5$3,900.44$14,086.08$232,635.89
6$4,141.01$13,845.51$228,494.88
7$4,396.42$13,590.10$224,098.46
8$4,667.58$13,318.94$219,430.89
9$4,955.47$13,031.05$214,475.42
10$5,261.11$12,725.41$209,214.31
11$5,585.60$12,400.91$203,628.71
12$5,930.11$12,056.41$197,698.60
13$6,295.87$11,690.65$191,402.74
14$6,684.18$11,302.34$184,718.56
15$7,096.45$10,890.07$177,622.11
16$7,534.14$10,452.38$170,087.97
17$7,998.83$9,987.69$162,089.14
18$8,492.18$9,494.34$153,596.97
19$9,015.96$8,970.56$144,581.01
20$9,572.04$8,414.47$135,008.97
21$10,162.42$7,824.09$124,846.54
22$10,789.22$7,197.29$114,057.32
23$11,454.68$6,531.84$102,602.64
24$12,161.18$5,825.34$90,441.47
25$12,911.25$5,075.27$77,530.22
26$13,707.59$4,278.93$63,822.63
27$14,553.04$3,433.47$49,269.59
28$15,450.64$2,535.87$33,818.95
29$16,403.60$1,582.91$17,415.34
30$17,415.34$571.17$0.00

How this is calculated

Payment = L × i ÷ (1 − (1 + i)^−n), where L is the loan amount, i the monthly rate (annual rate ÷ 12) and n the number of monthly payments.

Each payment first covers that month's interest on the remaining balance; the rest reduces the principal.

Figures exclude taxes, insurance, fees and any rate changes during the term.

These calculators are for general information and education. They use the assumptions described on each page and are not personalised financial, tax or investment advice.

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