Monthly payment, total interest and a yearly amortization schedule. Free, private, runs in your browser.
Monthly rate i = annual rate ÷ 12, number of payments N = years × 12.
Payment = P × i ÷ (1 − (1 + i)−N). Each month interest = Balance × i, and the rest of the payment reduces the balance.
Example: $200,000 at 6% for 30 years → $1,199.10 a month.
Taxes, insurance, PMI and fees are not included. Your lender’s figures may differ slightly.
Interest is charged on the remaining balance, which is highest at the start, so early payments are mostly interest.
Extra money goes straight to principal, which lowers future interest and shortens the loan.
Yes, for any fixed-rate loan with monthly payments.
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