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What this calculator does
Build a repayment schedule that separates every loan payment into principal and interest.
How to use this calculator
- Enter balance, rate, term, payment frequency, and any extra payment.
- Review the calculation assumptions before using the result.
- The schedule shows how quickly the balance falls and what interest costs.
How to calculate
Enter the loan amount, rate, compounding and payment frequencies. Add an optional extra payment to see an earlier payoff schedule.
Worked example
A 250,000 loan at 6.5% for 30 years has a monthly payment of about 1,580 before any extra payment.
Understanding your result
The schedule shows how quickly the balance falls and what interest costs.
- Variable rates and lender fees are not reflected.
- Double-check values and units before calculating.
Loan results are estimates and exclude fees, insurance, and taxes.
Frequently asked questions
What does this loan amortization calculator do?
Build a repayment schedule that separates every loan payment into principal and interest.
How do I use this loan amortization calculator?
Enter balance, rate, term, payment frequency, and any extra payment.
What does the result mean?
The schedule shows how quickly the balance falls and what interest costs.
What should I check before relying on it?
Variable rates and lender fees are not reflected.
Why does more of my early payments go toward interest?
Interest is charged on the outstanding balance, which is highest at the start of the loan. As the balance falls, each fixed payment covers less interest and more principal, even though the payment amount itself doesn't change.
How much can extra payments actually save?
Extra payments go entirely toward principal, which lowers the balance the very next interest calculation is based on — so even modest extra payments early in the loan can meaningfully cut total interest and shorten the payoff time. Add an extra payment amount above to see the effect on your own numbers.
Is amortization the same for every loan type?
The underlying math is the same for any fixed-rate, equal-installment loan — mortgages, auto loans, and personal loans all amortize this way. What differs is the interest rate, term limits, and any fees the lender adds on top.