Loan Calculator
Calculate monthly payments, total interest, and visualize your loan breakdown. Supports 4 repayment types.
How Loan Payments Work
This calculator supports four repayment methods. Fixed Payment (amortized) is the most common — each payment is the same amount, split between principal and interest. Fixed Principal keeps the principal portion constant while interest decreases monthly, resulting in declining total payments. Interest Only pays just interest each month with the full principal due at maturity. Balloon loans use small payments based on a long amortization but require a lump-sum payoff at the balloon date.
The interest rate and loan term have a dramatic effect on total cost. For example, a $300,000 mortgage at 7% over 30 years costs about $418,527 in interest alone — more than the original loan. Switching to fixed principal would reduce total interest but start with higher monthly payments.