Loan Calculator with Amortization Schedule
Work out the monthly payment for a mortgage, car loan, or personal loan, see how much interest you'll pay, and find out how extra payments shorten the loan.
This calculates principal and interest only. A mortgage payment may also include property tax, insurance, and PMI. For educational purposes; your lender's figures are the official ones.
| Year | Interest | Principal | Balance |
|---|
How it works
How is the monthly payment calculated?
With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. Every payment is the same, but early payments are mostly interest and later ones mostly principal.
How much do extra payments help?
Every extra dollar goes straight to principal, so you pay interest on a smaller balance from then on. On a $300,000, 30-year loan at 6.5%, an extra $200 a month typically saves several years and tens of thousands of dollars in interest. Try it above.
What's an amortization schedule?
It's the table showing, for each payment, how much goes to interest, how much to principal, and what you still owe afterward. Switch between yearly totals and every monthly payment.