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Loan Amortization Calculator
Calculate your complete loan amortization schedule with monthly breakdowns. See how extra payments can reduce total interest and shorten your payoff time.
Total amount borrowed
Annual percentage rate (APR)
Length of the loan in years
Optional: additional amount paid each month toward principal
Monthly Payment
$1,580.17
Total Interest
$318,861.22
Total Cost
$568,861.22
Payoff Date
Mar 2056
Principal vs Interest Over Time
Remaining Balance Over Time
Amortization Schedule
360 payments| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
| 13 | $1,580.17 | $241.14 | $1,339.03 | $246,964.55 |
| 14 | $1,580.17 | $242.45 | $1,337.72 | $246,722.10 |
| 15 | $1,580.17 | $243.76 | $1,336.41 | $246,478.34 |
| 16 | $1,580.17 | $245.08 | $1,335.09 | $246,233.26 |
| 17 | $1,580.17 | $246.41 | $1,333.76 | $245,986.86 |
| 18 | $1,580.17 | $247.74 | $1,332.43 | $245,739.12 |
| 19 | $1,580.17 | $249.08 | $1,331.09 | $245,490.03 |
| 20 | $1,580.17 | $250.43 | $1,329.74 | $245,239.60 |
| 21 | $1,580.17 | $251.79 | $1,328.38 | $244,987.81 |
| 22 | $1,580.17 | $253.15 | $1,327.02 | $244,734.66 |
| 23 | $1,580.17 | $254.52 | $1,325.65 | $244,480.13 |
| 24 | $1,580.17 | $255.90 | $1,324.27 | $244,224.23 |
How to Use
- 1Enter your total loan amount and the annual interest rate.
- 2Set the loan term in years (or months if you prefer).
- 3Optionally enter an extra monthly payment amount to see accelerated payoff.
- 4Click Calculate to generate your full amortization schedule.
- 5Review the month-by-month table showing how each payment splits between principal and interest.
About This Tool
The Loan Amortization Calculator generates a complete payment schedule for any fixed-rate loan. Each row shows exactly how much of your monthly payment goes toward principal versus interest, how your balance decreases, and your cumulative payments over time.
Early in a loan's life, most of each payment goes to interest. On a 30-year mortgage at 6%, about 75% of your first payment is interest. By year 20, it flips — most goes to principal. Understanding this schedule helps you make informed decisions about extra payments and refinancing.
The extra payment feature is particularly valuable. Adding just $100/month to a $250,000 mortgage at 6% over 30 years saves approximately $46,000 in interest and pays off the loan nearly 5 years early. The calculator shows you exactly how this plays out month by month.
This tool works for any fixed-rate installment loan: mortgages, auto loans, personal loans, and student loans. The math uses standard amortization formulas, and all calculations happen in your browser.
Tips & Best Practices
- ✓Make one extra payment per year (or add 1/12 of your payment to each monthly payment) — this alone can cut a 30-year mortgage to roughly 25 years.
- ✓Focus extra payments early in the loan term when the interest portion is highest — the earlier you pay down principal, the more interest you save.
- ✓Download or print your amortization schedule to track your payoff progress and verify your lender's statements match.
Frequently Asked Questions
What is loan amortization?▼
How do extra payments reduce my loan cost?▼
Why is more interest paid at the beginning of a loan?▼
Should I make extra payments on my loan?▼
What is the difference between amortization and simple interest?▼
When does refinancing make sense for an amortized loan?▼
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