Amortization Calculator
Free amortization calculator with extra payments: a full schedule by month or by year, the payoff date, and how much time and interest each extra payment saves.
No currency is shown on purpose: the figures come out in whatever unit you type in.
What it does
It builds the full amortization schedule of a loan with a fixed payment: for every payment, how much goes to interest, how much pays down the loan and what is still owed. Add extra payments, every month, once a year or just once, and it shows when the loan ends and how much interest you no longer pay.
How to use it
- Type the loan amount, the annual interest rate and the term, and when the first payment is due.
- If you plan to pay more than the payment, add it as an extra every month, once a year or once, in a chosen payment.
- Read the payoff date and the savings, and browse the schedule by year or by month. The CSV opens in any spreadsheet.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Why does so little of the first payments go to the principal?
Because interest is charged on what you still owe, and at the start you owe almost everything. In a 30-year loan at 6%, about 83% of the first payment is interest. As the balance falls, the interest falls too and more of the same payment goes to the principal.
Is it better to pay extra early or late in the loan?
Early. An extra payment reduces the balance on which every later month charges interest, so the sooner it is made, the more months of interest it saves. Try the same one-time extra in payment 12 and in payment 200 and compare the interest saved.
Does the payment change when I pay extra?
Not here: the calculator keeps the payment and shortens the loan, which is what most lenders do by default and what saves the most interest. Some lenders let you keep the term and lower the payment instead; ask yours which one they apply.
What is a schedule by year?
The same schedule with the twelve payments of each year added together, which makes a 30-year loan readable in 30 lines instead of 360. The balance shown is what is still owed at the end of each year.
Wikipedia — Amortization schedule
Wikipedia — Amortizing loan
Wikipedia — Prepayment of loan