Amortization Calculator
Estimate the payment, total interest, payoff timing and full balance schedule for a loan amount, rate and term. Add an extra payment to see the overpayment effect straight away.
Formula: Payment = P * r / (1 - (1 + r)^-n), with the schedule updating as interest and principal change over each period.
How to read the schedule
Look at the interest column first, then the balance column. In a typical amortizing loan, interest is heavier near the start because the balance is highest there. As the balance falls, more of each payment reaches principal.
Why extra payments are powerful
Extra payments work early and late, but they are especially valuable early in the term because they shrink the balance before many future interest charges have been calculated.
Amortization calculator FAQ
What is an amortization calculator?
It shows how each payment is split between principal and interest across the life of a loan.
Does an extra payment change the payoff date?
Yes. Extra payments usually reduce balance faster, which shortens the term and lowers total interest.