How to use this calculator
Enter your loan amount, term, and interest rate. Optionally add extra payments to see how they reduce your total interest and shorten your loan. Click Calculate to view your payment schedule and full amortization table.
Amortization Calculator
Calculate your loan payment schedule with optional extra payments to pay off your loan faster.
About Amortization Calculator
What is Amortization?
Amortization refers to the systematic repayment of a loan over time through regular payments. Each payment covers both the interest due and a portion of the principal. Early in the loan, most of the payment goes toward interest; as the balance decreases, more goes toward principal.
Amortization Schedule is a table that details each periodic payment, showing how much goes to interest vs. principal and the remaining balance after each payment. This calculator generates both annual and monthly schedules.
Extra Payments applied to the principal can significantly reduce the total interest paid and shorten the loan term. Even small additional monthly payments can save thousands of dollars over the life of a loan.
Related Calculators
Amortization Tips
- →Adding just $100/month extra on a 30-year mortgage can save tens of thousands in interest.
- →Making one extra payment per year can cut years off your loan term.
- →Early extra payments have the biggest impact since interest is front-loaded.
- →Always specify that extra payments go toward principal, not future payments.
Calculate mortgage payments with taxes, insurance, and PMI.