Amortization Calculator
Enter a loan amount, rate and any term in years and months to see the monthly payment, total interest and a full payment-by-payment schedule, then add extra or biweekly payments to see the interest saved and the new payoff date.
Amortization calculator
Yearly schedule
Monthly schedule (every payment)
How amortization works
Each fixed payment covers that month's interest first (balance × annual rate ÷ 12), and the rest pays down the loan. Early payments are mostly interest; later ones are mostly principal. The monthly payment is:
Payment = P × r ÷ (1 − (1 + r)−n), where P = loan amount, r = annual rate ÷ 12, n = number of months.
Example: $300,000 at 6.5% for 30 years is $1,896.20 a month and about $382,633 of interest over the life of the loan. Paying extra goes straight to principal, which cuts the interest charged in every later month.
Common questions
What is an amortization schedule?
A table of every loan payment showing how much goes to interest and how much to principal, and the balance left after each payment.
How is a monthly loan payment calculated?
Payment = P × r ÷ (1 − (1 + r)^−n), with r the monthly rate (annual rate ÷ 12) and n the number of payments. $300,000 at 6.5% over 360 months is $1,896.20.
How much do extra payments save?
It depends on the loan, but extra principal early on saves the most. Enter an extra monthly amount above to see the exact interest saved and how much sooner the loan is paid off.
What do biweekly payments do?
Paying half the monthly payment every two weeks adds up to 26 half-payments, the same as 13 monthly payments a year. The extra payment goes to principal and shortens the loan.
Does this include taxes and insurance?
No. It covers principal and interest only. A mortgage payment usually also includes property tax, homeowners insurance and sometimes PMI.
Sources
Related
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.