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See every payment of your loan, principal vs interest, and how extra payments shorten it. Free, no signup.

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Amortization Calculator

See exactly where every loan payment goes. Enter your loan amount, rate, and term to get your monthly payment, total interest, and a complete year-by-year amortization schedule — plus how much extra payments save you.

Example: 200000 for a $200,000 loan.
Example: 6 for a 6% annual rate.
Common terms: 15, 20, or 30 years.
Extra principal paid every month. Try 100 to see the savings.
Monthly payment$0.00
Total interest$0
Total of all payments$0
Payoff time—
YearPrincipal paidInterest paidRemaining balance
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Every calculation runs in your browser. Your loan details never leave your device.

No signup

No account, no email, no download. Open the page and calculate instantly.

Free forever

Unlimited schedules for mortgages, auto loans, and personal loans at no cost.

How to use this amortization calculator

  1. 1Enter your loan details

    Type in the loan amount, annual interest rate, and term in years. These three numbers define the entire schedule.

  2. 2Add an extra payment (optional)

    Enter any extra amount you plan to pay toward principal each month, then hit Calculate My Schedule.

  3. 3Read the results

    Your monthly payment, total interest, and payoff time appear instantly, with a year-by-year breakdown below.

  4. 4Compare scenarios

    Change the extra payment or term and recalculate to see how much interest you save and how many years you cut off the loan.

Why use an amortization schedule?

See the interest trap early

In the first years of a long loan, most of each payment goes to interest, not principal. The schedule shows exactly when that flips.

Quantify extra payments

Even $100 extra a month can save tens of thousands in interest on a 30-year loan and shave years off the payoff date.

Plan refinancing decisions

Compare your remaining balance and interest cost against a new loan offer to judge whether refinancing actually saves money.

Budget with confidence

Know your exact monthly payment, total cost, and payoff date before you sign — no surprises from the lender.

Works for any loan type

Mortgages, auto loans, personal loans, and student loans all amortize the same way. One calculator covers them all.

Yearly and monthly views

Start with the clean yearly summary, then switch to the full monthly schedule to inspect any single payment.

Frequently asked questions

How is the monthly payment calculated?
Using the standard amortization formula: monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. For a $200,000 loan at 6% over 30 years, that works out to $1,199.10 per month.
Why is my early payment mostly interest?
Interest is charged on the outstanding balance, which is highest at the start. On a 30-year loan, the first payment is mostly interest; as the balance falls, more of each payment goes to principal. That shift is exactly what the schedule table shows.
Do extra payments really save that much?
Yes. Extra payments go straight to principal, which lowers the balance that future interest is charged on. On a $200,000 loan at 6% for 30 years, adding $100 a month saves about $49,000 in interest and pays the loan off about 5.5 years early.
What is the difference between amortization and a simple interest loan?
An amortizing loan has fixed payments that fully pay off the loan by the end of the term. A simple-interest or interest-only loan may leave a large balance (or balloon payment) at the end.
Does this calculator include taxes, insurance, or PMI?
No. It covers principal and interest only, which is the amortized loan itself. Property taxes, homeowners insurance, and PMI are separate costs your lender may escrow on top of this payment.
What happens if my rate is 0%?
The payment is simply the loan amount divided by the number of months, with zero interest. Enter 0 as the rate and the schedule will show pure principal payments.
Can I use this for a biweekly payment plan?
Not directly, but you can approximate one: divide your monthly payment by 2, then enter half of one extra monthly payment as the extra payment field — the equivalent of one extra monthly payment per year.

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