Amortization Calculator
Calculate your loan payments and create an amortization schedule with our Amortization Calculator. Input your loan amount, interest rate, and term to see detailed monthly payments, total interest paid, and remaining balance over time. Perfect for mortgages, car loans, and any amortizing loans.
Calculate your loan payment schedule with a detailed breakdown of principal and interest payments over time.
Amortization Schedule
Monthly Payment
Total of All Payments
Total Interest
Loan Payoff Date
Payment Schedule
| Payment # | Payment Date | Payment Amount | Principal | Interest | Extra Payment | Remaining Balance |
|---|
Understanding Amortization
- Early payments go mostly to interest
- Extra payments reduce principal faster
- Interest is calculated on remaining balance
- Payment amount stays constant
- Principal portion increases over time
Smart Loan Tips
- Make extra payments to reduce total interest
- Consider bi-weekly payments
- Round up your payments
- Make one extra payment annually
- Check for prepayment penalties
Amortization FAQs
Loan amortization is:- A fixed repayment schedule- Gradually paying off debt- Combination of principal and interest- Fixed monthly payments- Declining interest over time
Benefits of extra payments:1. Reduce total interest paid2. Shorten loan term3. Build equity faster4. Save money long-term5. Earlier loan payoff
Early payment structure:1. Based on remaining balance2. Higher initial interest portion3. Gradually shifts to principal4. Interest calculated monthly5. Follows standard amortization
Payment factors:- Loan amount- Interest rate- Loan term- Payment frequency- Extra payments
Strategies for faster payoff:1. Make extra payments2. Use bi-weekly payments3. Round up payments4. Apply windfalls to principal5. Avoid payment holidays