Required monthly payment
$1,580.17
Calculate Loan Plan
Helper: leave Extra Monthly Payment as 0 for a standard schedule.
Total paid
$568,861.20
Total interest
$318,861.20
Payoff timeline
30 years 0 months
Months saved with extra
0
Interest saved with extra
$0.00
Remaining balance drops over the full term. Add extra monthly payment to steepen the curve.
| Month | Payment Date | Payment | Principal | Interest | Balance |
|---|
Showing full amortization schedule for the extra-payment scenario. Amounts are rounded for display.
Enter loan values and click Calculate to generate the amortization table and chart.
Formula
Monthly payment M = P x [r(1+r)n] / [(1+r)n - 1], where P = principal, r = monthly rate (APR/12), n = number of monthly payments.
Special case: when APR = 0, payment = P / n.
How it works
The calculator first computes the required monthly payment for an amortized fixed-rate loan. It then simulates month-by-month payoff, applying your optional extra monthly amount to principal and recalculating remaining balance until paid off.
Results include total paid, total interest, payoff duration, months saved, interest saved, a full amortization table, and downloadable CSV for external review.
Source: Standard amortization/annuity equation used in consumer loan math and finance textbooks.
Disclaimer: This estimate assumes a fixed rate and fixed monthly schedule, and excludes taxes, insurance, fees, and changing-rate products. It is informational and not financial advice.