SurayMN

Mortgage & Auto Loan Calculator

Calculate down payment, monthly payments and total interest. Download your complete mortgage or auto loan payment table in Excel format.

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These are approximate figures. Actual payments may vary depending on specific bank terms, mortgage program rules, exact disbursement dates, and weekend/holiday payment policies.

How to use

  1. 1

    Enter the total Purchase Price of the house, apartment, or vehicle.

  2. 2

    Input your Down Payment as a percentage (e.g., 30%). The tool will calculate the loan principal automatically.

  3. 3

    Enter the Annual Interest Rate and the loan Term in months.

  4. 4

    Choose your Payment Type: 'Annuity' for fixed monthly amounts, or 'Linear' for equal principal payments (where the total decreases over time).

  5. 5

    Select your Payment Frequency (Once or Twice a month) to see how it affects your interest savings.

  6. 6

    The tool automatically calculates your monthly payment and the full amortization schedule.

  7. 7

    Click the 'Download Excel' button to save your full amortization schedule.

Formula

For Annuity, we use: For Linear, the monthly principal is constant (), and interest is calculated on the remaining balance:

Frequently asked questions

How does the down payment affect my loan?
A higher down payment reduces the total principal amount you need to borrow. This directly lowers your monthly payments and significantly decreases the total amount of interest you will pay over the life of the loan.
How does the loan term length affect my total cost?
A longer loan term lowers your monthly payment but increases the total interest paid over the life of the loan. A shorter term means higher monthly payments but you pay off the loan faster and pay significantly less in total interest.
What is the difference between Annuity and Linear payments?
Annuity means your total monthly payment stays exactly the same every month. Linear means you pay the same amount of principal each month, but your interest (and total payment) decreases over time.
Does this calculation include property taxes or car insurance?
No, this calculator only estimates your principal and interest payments based on the bank loan. You should budget separately for mandatory property taxes, vehicle insurance, and registration fees.