Loans, Credit & Debt Payoff
Mint Loan & Amortization Calculator
Model your loan payment, total interest cost, and see how extra principal payments accelerate your payoff timeline.
Monthly Payment
$489.15
Total Interest
$3,867.77
Total Loan Cost
$28,867.77
Time Saved
6 mo
vs. no extra payment
Interest Saved
$481.45
vs. no extra payment
Payoff Length
54 mo
The Amortization Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (APR ÷ 12), and n is the total number of monthly payments.
Frequently Asked Questions
The standard amortization formula is M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the monthly interest rate, and n is the total number of payments.