Loan Amortization Calculator
Calculate your monthly loan payments and view a detailed amortization schedule. Perfect for mortgages, auto loans, personal loans, and more.
Loan Details
Calculation Results
$0
Monthly Payment
$0
Total Payment
$0
Total Interest
0%
Interest %
Extra Payment Benefits
Interest Saved:
$0
Time Saved:
0 months
Enter your loan details and click "Calculate" to see results
Amortization Schedule
| Payment # | Date | Beginning Balance | Payment | Principal | Interest | Ending Balance | Cumulative Interest |
|---|
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Frequently Asked Questions
A loan amortization calculator uses the loan amount, interest rate, and term to calculate your monthly payment. It then creates a schedule showing how much of each payment goes toward principal and interest over the life of the loan.
Principal is the original amount you borrowed, while interest is the cost of borrowing that money. Early in your loan term, more of your payment goes toward interest. Later, more goes toward principal.
Yes, this calculator works for any fixed-rate amortizing loan, including mortgages, auto loans, personal loans, and business loans. It does not work for credit cards or adjustable-rate loans.
Extra payments go directly toward your principal balance, which reduces the total interest you'll pay and shortens your loan term. Even small extra payments can save thousands of dollars over the life of the loan.
An amortization schedule is a table that shows each loan payment over the entire loan term. It breaks down how much of each payment goes toward principal and interest, and shows your remaining balance after each payment.
Interest is calculated on your remaining balance. Since your balance is highest at the beginning of the loan, the interest portion is also highest. As you pay down the principal, the interest portion decreases.
While you can't change the basic schedule set by your lender, you can effectively modify it by making extra payments toward principal. This will pay off your loan faster and reduce total interest paid.
The calculator provides accurate estimates based on the information you enter. However, actual loan terms may vary based on lender policies, fees, and other factors. Always consult with your lender for exact payment information.
Important Disclaimer
This calculator provides estimates for educational purposes only. Actual loan terms, payments, and costs may vary based on lender policies, credit score, fees, and other factors. The results should not be considered as financial advice. Please consult with qualified financial professionals and your lender for accurate loan information and personalized financial guidance.