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Understanding Loan Payments
Your monthly payment has two parts: principal (paying down the loan) and interest (cost of borrowing). Early in the loan, most of your payment goes to interest. Over time, more goes to principal — this is called amortization.
Pro tip: Making just one extra payment per year on a 30-year mortgage can cut your loan term by 4-5 years and save tens of thousands in interest. Even rounding up your payment to the nearest $50 makes a difference.