📊 Amortization Calculator
📈 Amortization Results
Enter extra payment details to see how much you can save.
📅 Amortization Schedule
Enter your loan details and click "Calculate" to see the amortization schedule
🧮 Understanding Amortization
Amortization is the process of paying off a debt over time through regular payments. In the early years, more of each payment goes toward interest. As the loan matures, more goes toward reducing the principal.
Where: M = Monthly payment, P = Principal, i = Monthly interest rate, n = Number of payments
Impact of Extra Payments:
- Even small extra payments can significantly reduce the loan term and total interest.
- Extra payments are applied directly to the principal balance.
- A $100 monthly extra payment on a $200,000, 30-year loan at 6% could save over $40,000 in interest.
Even small amounts help
13 full payments per year
Nearest $50 or $100
Use bonuses, tax refunds
🧭 How to Use This Calculator
- Select your preferred currency from the dropdown at the top of the calculator.
- Enter your loan amount, annual interest rate, and loan term in years.
- Set the start date for your loan — it defaults to today but can be changed to a past or future date.
- Optionally, enter an extra payment amount and choose how often you'll make it: monthly, quarterly, yearly, or as a one-time lump sum.
- Click the Calculate button to see your monthly payment, total payments, total interest, payoff date, and how much extra payments could save you.
- Use the Yearly / Monthly tabs above the schedule to switch between a year-by-year summary and the full month-by-month amortization table.
- Click Reset at any time to clear all fields and start a new calculation.
❓ Frequently Asked Questions
What's the difference between the Yearly and Monthly schedule views?
The Yearly view groups all payments made within each calendar year, showing total principal paid, total interest paid, and the ending balance for that year. The Monthly view lists every individual payment with its own date, principal, interest, and remaining balance, all the way to payoff.
How do extra payments affect my loan?
Extra payments are applied directly to your principal balance, which reduces the amount future interest is calculated on. This can meaningfully shorten your loan term and lower your total interest paid, even with a modest monthly amount.
What's the difference between the One-Time and recurring extra payment options?
A one-time extra payment is applied as a single lump-sum reduction to your principal at the start of the loan. Monthly, quarterly, and yearly options add a recurring extra amount to every payment on that schedule for the life of the loan.
Why does my payoff date matter if I already know my loan term?
Your loan term tells you how many payments are scheduled, but the payoff date shows the actual calendar date your loan will be paid off — accounting for extra payments that can shorten a 30-year loan to well under 30 years.
Does the monthly payment shown include taxes and insurance?
No. The payment shown is principal and interest (P&I) only, based on the standard amortization formula. If your loan also includes property taxes, homeowners insurance, or PMI, add those amounts separately for your true monthly total.