Calculate your loan payment and full amortization schedule, then add extra payments to see your real payoff date and interest saved.
| # | Date | Payment | Extra | Principal | Interest | Balance |
|---|
Enter Loan Details
Fill in the loan amount, interest rate, and term, then click Calculate to see your full amortization schedule.
An amortization calculator shows exactly how a fixed-payment loan is paid off over time — how much of each payment goes toward interest versus principal, and how the outstanding balance shrinks with every payment until it reaches zero. This calculator works for any amortized loan: mortgages, auto loans, personal loans, and student loans all follow the same reducing-balance structure. As an amortization schedule with extra payments built in, it also lets you model extra monthly, yearly, or one-time payments to see how much faster you could pay off the loan and how much interest you'd save.
Enter the loan amount, annual interest rate, and loan term, and the calculator computes your fixed monthly payment using the standard amortization formula. It then walks the loan month by month from your chosen start date, applying any extra payments directly to principal, to produce a full amortization schedule showing the payment, interest, principal, and remaining balance for every period. The result also includes a payoff date, total interest paid, and — when extra payments are added — the interest saved and time saved compared to the standard schedule.
This tool is for anyone who wants to see the real mechanics behind a loan payment — homeowners comparing loan terms, borrowers deciding whether an extra monthly payment is worth budgeting for, and anyone planning to apply a bonus or tax refund toward a loan and wanting to know exactly how much time and interest it saves. It's equally useful for a single "what if" check and for generating a full payment-by-payment table to keep for your records.
Loan payments are front-loaded with interest: early in the loan, most of each payment covers interest on the large outstanding balance, and only a small portion reduces principal. Seeing the full schedule makes this visible, and shows why even modest extra payments made early in a loan can meaningfully cut both the total interest paid and the time it takes to become debt-free. Understanding this dynamic is one of the most practical financial-planning skills a borrower can have, since it turns an abstract interest rate into a concrete payoff-date and interest-saved number.
Your monthly payment stays fixed, but the split between principal and interest changes every period
A period-by-period table showing payment, interest, principal, and remaining balance from the first payment to payoff — the full picture behind your single monthly payment figure.
Add an Extra Monthly Pay, Extra Yearly Pay, or any number of one-time payments and the calculator recalculates your real payoff date, time saved, and total interest saved — every extra dollar goes straight to principal.
Because interest is charged on the outstanding balance, early payments are mostly interest. As the balance falls, more of each fixed payment goes toward principal — visible directly in the schedule and the year-wise chart.
From loan basics to a full payment-by-payment schedule in under a minute
Input the loan principal, the term in years, and the annual interest rate quoted by your lender. Select your currency first if it isn't US Dollars.
Enter the date your first payment is due so the payoff date and any one-time payments line up correctly with your real schedule. It defaults to today if left unchanged.
Optionally enter an Extra Monthly Pay, an Extra Yearly Pay, or add one or more Extra One-Time Payments with their own amount and date — for a bonus, tax refund, or windfall.
The calculator computes your fixed monthly payment and simulates the loan month by month, applying interest first and then routing any extra payments straight to principal.
Check your monthly payment, total interest, payoff date, and — if you added extra payments — the interest saved and time saved. Click "Show Full Schedule" to see every payment, not just the first 12.
The calculator's own default loan, with and without a $200 extra monthly payment
A $200,000 loan at 6.8% annual interest over a 20-year (240-month) term, starting July 21, 2026 — compared with and without an extra $200 paid every month.
| # | Date | Payment | Extra | Principal | Interest | Balance |
|---|---|---|---|---|---|---|
| 1 | Jul 21, 2026 | $1,526.68 | $200.00 | $393.35 | $1,133.33 | $199,406.65 |
| 2 | Aug 21, 2026 | $1,526.68 | $200.00 | $396.71 | $1,129.97 | $198,809.95 |
Explanation: Notice the interest portion drops only slightly between month 1 ($1,133.33) and month 2 ($1,129.97) — that's the front-loaded-interest effect in action, since the balance has barely moved yet. The real payoff comes from compounding: because the $200 extra payment shrinks the balance every single month, less interest accrues on every subsequent payment too, which is why $200/month across 190 months (a total of about $38,000 in extra payments) actually saves closer to $40,000 in interest — the extra payments are effectively earning their own return by avoiding future interest charges.
What your interest-saved and time-saved figures actually tell you
A useful way to judge whether an extra payment plan is worth it is the extra-payment leverage ratio — how many dollars of interest you save for every dollar of extra payment made. It's not a formal industry metric, but it's a practical way to compare different extra-payment strategies.
| Interest Saved ÷ Extra Paid | General Read | Typical Context |
|---|---|---|
| Over 60% | High-leverage extra payments | High rate, long remaining term, extra payments started early |
| 25% – 60% | Solid, worthwhile savings | Typical mortgage-rate loan with a mid-length remaining term |
| Under 25% | Modest savings — still positive, rarely wasted | Low rate, short remaining term, or extra payments started late |
Interest saved: this figure compares total interest with your extra payments against the baseline schedule with none. It's always dollar-for-dollar worthwhile as long as your loan carries no prepayment penalty — there's no scenario where paying extra toward principal costs you more in interest.
Time saved: a bigger months-saved figure generally means your extra payments are being applied earlier in the loan (when the balance, and therefore the interest being avoided, is largest) or that the extra amount is large relative to the loan size.
Risk considerations: this calculator assumes a fixed rate and no missed payments. Real-world factors it doesn't model include prepayment penalties, adjustable-rate resets, and the opportunity cost of paying down a low-rate loan early instead of investing that money elsewhere — compare your loan's rate against realistic investment returns before committing to an aggressive extra-payment plan.
This tool provides general financial estimates for educational purposes only and does not constitute personalized financial advice. Confirm whether your loan allows penalty-free extra payments with your lender before relying on the interest-saved and payoff-date figures shown here.
Where this amortization calculator earns its keep
Generate a full amortization table to cross-check against your lender's official schedule.
Test different Extra Monthly Pay amounts to find one that fits your budget and payoff goals.
Model exactly how much a bonus, tax refund, or inheritance saves as a one-time payment.
Use Extra Yearly Pay to simulate the classic "extra payment once a year" payoff strategy.
Apply the same schedule logic to a car loan to see interest saved from early payoff.
See the true principal-vs-interest split on a long-term student loan, year by year.
Compare a 15-year vs. 20-year vs. 30-year term's full schedule side by side.
Download a full schedule showing interest paid per year for your own financial records.
Run the same schedule logic across 9 currencies for cross-border loan comparisons.
What this amortization calculator does well, and where it can't replace professional advice
Quick-reference comparison of the three extra-payment options this calculator supports
| Feature | Extra Monthly Pay | Extra Yearly Pay | Extra One-Time Pay |
|---|---|---|---|
| Frequency | Every single payment | Once every 12 payments | One specific date, any number of times |
| Best funded by | Budget surplus, automated transfer | Annual bonus or 13th-paycheck month | Tax refund, inheritance, gift |
| Interest-saving effect | Largest — compounds every month | Strong — front-loaded once a year | Strongest per dollar the earlier it's made |
| Budget predictability | Requires consistent monthly discipline | Requires one larger annual commitment | Opportunistic, no ongoing commitment |
Common questions about amortization schedules and extra payments
Official guidance to complement this calculator — not a substitute for licensed financial advice
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