Loan & credit card calculator
Choose what you’re paying off. See your monthly payment, total interest, and the path to a zero balance.
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Your payoff estimate
Mortgage results cover principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA dues and closing costs are excluded.
Amortization / payoff schedule
Each monthly payment split into principal and interest, with the remaining balance. The last payment may be smaller.
| Month | Payment | Principal | Interest | Balance |
|---|
How this calculator works
Loans use equal monthly principal-and-interest payments and an unchanged interest rate. The monthly rate is the annual rate divided by twelve. Extra payments reduce principal after that month’s interest. Interest and payments are rounded to cents each month; the final loan payment settles any rounding remainder.
Credit cards use a simplified monthly model: interest is the starting balance times APR divided by twelve, followed by your payment. Percentage mode recalculates the payment each month, subject to your dollar minimum, then adds any extra payment. Payments are capped at the balance plus interest. No new purchases, fees, rate changes or grace periods are modeled. Actual cards often calculate interest daily, so your statement can differ.
A payment that does not cover interest cannot pay off the balance in this model. Results stop at 600 months; no payoff is claimed beyond that limit. The loan choices use the same repayment formula; daily-interest auto loans, variable-rate loans, balloon loans and prepayment charges need different assumptions.
Amortization means paying down the amount borrowed over time. See the CFPB’s explanation of loan amortization and credit card interest calculations. These estimates use your inputs and are not a loan offer or a lender payoff quote.
For mortgage costs beyond the loan payment, use the Florida property-tax estimator and closing cost worksheet.
Worked examples
These use made-up round numbers so you can see how the pieces move. They aren't a rate quote or a loan offer. Put your own numbers in the calculator above.
The term changes the payment and the total interest
A $300,000 mortgage at an illustrative 6.5 percent rate, principal and interest only:
| Term | Monthly payment | Total interest |
|---|---|---|
| 15 years | $2,613.32 | $170,398 |
| 20 years | $2,236.72 | $236,812 |
| 30 years | $1,896.20 | $382,637 |
The 30-year payment is $717 a month lower than the 15-year, but its total interest is about 2.2 times as much, because interest runs twice as long. Picking a term means weighing the monthly budget against the lifetime cost.
A small extra payment goes a long way
On the same 30-year loan ($1,896.20 a month), adding $100 a month from the first payment pays it off in 26 years instead of 30 years, and saves about $60,996 in interest. Extra money goes straight to principal, so every later month's interest is figured on a smaller balance. Ask your servicer how to mark a payment as extra principal; some apply it to next month's payment instead.
Credit cards: the payment amount decides everything
A $5,000 card balance at an illustrative 22 percent APR, with no new purchases:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $150 a month | 4 years 4 months | $2,798 |
| $300 a month | 1 year 9 months | $1,022 |
Doubling the payment from $150 to $300 cuts the interest from about $2,798 to about $1,022. A card's minimum payment usually shrinks as the balance falls, which stretches payoff out even further. The calculator's percentage mode lets you model that.
What to have ready
- The balance: the current payoff balance from a recent statement, not the original loan amount.
- The note rate: the interest rate on the loan itself. The APR on a mortgage disclosure also includes fees, so it runs higher than the rate the payment is figured on.
- Months remaining: for an existing loan, count the payments left, not the original term.
- The whole housing payment: a mortgage bill also carries property taxes and insurance through escrow. The property-tax estimator covers the tax part for a Florida home.
Data verified as of October 2026.