Amortization Calculator

Calculate payments, totals, and a full amortization schedule. Add extra payments to see payoff time and interest savings.

How to Use

  1. Enter loan amount, interest rate, and term.
  2. Choose payment frequency (monthly, biweekly, etc.).
  3. Add extra payments (optional) to reduce payoff time.
  4. Open “Show Work” for formulas and steps.
Summary
Live totals + key outcomes based on your inputs.
Payment
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Total Interest
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Total Paid
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Payoff
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Note: Rounding may vary by lender
Inputs & Settings
All calculations run in your browser. Share links are created only when you click Share.
Principal amount borrowed (before interest).
Annual percentage rate (nominal). Example: 6.5
Loan duration. You can enter years or months.
Payment frequency changes the schedule length and payment size.
Adds extra principal. Helps reduce interest + payoff time.
Optional. Used to label schedule dates.
Show Work (step-by-step)
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Work is shown using consistent units. Lender schedules may differ slightly due to rounding conventions.

Amortization Schedule

Each payment shows interest, principal, and remaining balance.

# Date Payment Interest Principal Extra Balance
Enter values to generate the schedule.
Tip: Use extra payments to see how much interest you can save.

Reference

  • Standard payment formula: P = L · r / (1 − (1 + r)^−n)
  • L = loan amount, r = periodic interest rate, n = number of payments
  • Interest portion (per period): I = balance · r
  • Principal portion: principal = payment − interest
This tool provides estimates for planning and comparison. Always verify exact terms with your lender.

FAQ

Why is my lender’s payment slightly different?

Small differences usually come from rounding rules, compounding conventions, and payment timing.

Do extra payments always reduce interest?

If applied to principal, yes—because future interest is computed on a lower balance.

What if I pay biweekly?

Biweekly payments can reduce payoff time because you effectively make ~13 monthly-equivalent payments per year.

Tool Info

Last updated:

Updates may include UI improvements, schedule formatting, and edge-case handling (rounding/zero-interest, etc.).