📋 Amortization Calculator

Generate a complete month-by-month amortization schedule for any loan.

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📋 Amortization Schedule

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Related Guide
How an Amortization Schedule Works (and How Extra Payments Help)
Why early payments are mostly interest, and how extra payments save money.
Read Article →

What is the Amortization Calculator?

This calculator generates a complete month-by-month payment schedule for a fixed-rate loan. Enter the loan amount, annual interest rate, term in years, and an optional extra monthly payment, and it shows your monthly payment, total interest, total cost, payoff date, and a full table breaking each payment into principal and interest, plus the remaining balance.

How to Use It

Enter the loan amount, annual interest rate, and term, then click "Generate Schedule." The summary shows your fixed monthly payment and total interest over the life of the loan. Add a value in "Extra Monthly Payment" to see how paying more than the minimum shortens the payoff date and cuts total interest, and check the table below for the first 24 months plus every 12th month after that.

When to Use It

Use it before taking out a mortgage, auto loan, or personal loan to see exactly how much you'll pay in interest over time, when deciding whether extra payments are worth it, or when comparing loan offers with different rates and terms side by side.

Who Benefits

Homebuyers evaluating mortgage offers, borrowers deciding whether to make extra payments, and anyone who wants to see exactly how a loan balance shrinks over time rather than just knowing the monthly payment amount.

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Frequently Asked Questions

An amortization schedule is a complete table of all loan payments showing how each payment is divided between principal and interest, and the remaining balance after each payment. Early payments are mostly interest; later payments are mostly principal.
Interest is calculated on the outstanding balance. At the start, your balance is highest, so interest charges are highest. As you pay down principal, the balance shrinks, and each subsequent payment has a smaller interest portion and larger principal portion.
Even a small extra amount makes a big difference. On a $250,000, 30-year loan at 6.5%, an extra $200/month saves over $60,000 in interest and cuts more than 5 years off the loan — enter a value in the "Extra Monthly Payment" field to see the exact impact on your own numbers.