Loan & Mortgage Calculator
Calculate your monthly payments and total interest costs instantly.
Loan Details
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Enter your loan details on the left to generate your payment breakdown.
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Understanding Your Mortgage Payments
Principal vs. Interest
Every loan payment is split into two parts. Principal is the money that goes towards paying off the actual loan balance. Interest is the profit the bank makes for lending you the money. In the early years of a mortgage, most of your payment goes toward interest, not principal.
What is Amortization?
Amortization is the schedule of your loan payments over time. Even though your monthly payment stays the same (on a fixed-rate loan), the ratio changes. Over time, the interest portion decreases, and the principal portion increases, helping you build equity faster in later years.