Enter your loan amount, interest rate, and loan term to see your monthly payment, total interest paid, and a full amortization schedule breaking down every payment into principal and interest. You can also add extra monthly, yearly, or one-time payments to see how they reduce your loan balance and total interest over time.
Monthly Payment
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Total of All Payments
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Total Interest Paid
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Payoff Time
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Interest Saved (Extra Payments)
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Amortization is the process of paying off a loan through regular scheduled payments over time. Each payment covers both interest and a portion of the principal. In the early months, most of your payment goes toward interest; over time, a larger share reduces the principal balance.
An amortization schedule is a complete table of every periodic loan payment, showing how much goes toward interest, how much reduces the principal, and the remaining balance after each payment. It lets you see the exact trajectory of your loan from the first payment to the last.
The standard formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. This calculator applies that formula automatically.
A longer loan term lowers your monthly payment but significantly increases the total interest you pay over the life of the loan. A shorter term means higher monthly payments but far less interest paid overall. Use this calculator to compare different term lengths side by side.
Yes. This calculator lets you add extra monthly payments or an extra annual lump sum. Extra payments reduce your principal faster, shorten the loan term, and can save you thousands in interest. The 'Interest Saved' output shows exactly how much you'd save.
This calculator works for any fixed-rate amortizing loan, including mortgages, auto loans, personal loans, and student loans. It does not apply to variable-rate loans or interest-only loans, where payment structures differ.
No. The interest rate is the cost of borrowing the principal, while the APR (Annual Percentage Rate) includes fees and other costs, making it a broader measure of loan cost. For the most accurate payment calculation, use the note rate (interest rate) provided in your loan agreement.
This calculator focuses on principal and interest only. Costs like property taxes, homeowners insurance, and PMI (for mortgages) are not included. Your actual total monthly housing cost will be higher if those apply to your loan.