Amortization Schedule Calculator
About This Amortization Calculator
Our comprehensive amortization schedule calculator helps you understand exactly how your loan payments are applied over time. See a detailed breakdown of each payment, including:
- Principal and interest portions of each payment
- Running loan balance after each payment
- Impact of extra payments on your loan term and interest costs
- Projected payoff date and total interest savings
Whether you're analyzing a mortgage, auto loan, personal loan, or any other amortizing loan, this calculator provides the insights you need to make informed borrowing decisions and understand the true cost of your loan over time.
Understanding Your Amortization Schedule
An amortization schedule shows how each payment is split between principal and interest, and how your loan balance decreases over time. Here's what each column in your schedule means:
- Payment #: The sequential number of each payment
- Payment Date: The expected date of each payment based on your payment frequency
- Payment Amount: Your regular payment amount
- Principal: The portion of your payment that reduces your loan balance
- Interest: The portion of your payment that pays the interest charged
- Extra Payment: Any additional amount you're paying toward principal
- Remaining Balance: Your loan balance after the payment is applied
How Extra Payments Affect Your Loan
Making extra payments can significantly impact your loan in several ways:
- Reduce your total interest costs
- Shorten your loan term
- Build equity faster (for mortgages)
- Achieve debt freedom sooner
Use the optional extra payment field to see how additional payments could affect your loan's total cost and payoff date.
Payment Frequency Options
Monthly Payments
Traditional payment schedule with 12 payments per year. This is the most common payment frequency for most loans.
Bi-weekly Payments
26 payments per year, effectively making one extra monthly payment annually. This can significantly reduce your loan term and interest costs.
Weekly Payments
52 payments per year, breaking your monthly payment into smaller, more manageable amounts while potentially reducing interest costs further.
Tips for Using This Calculator
- Compare Different Scenarios: Try different loan terms, interest rates, and payment frequencies to find the best option for your budget.
- Analyze Extra Payments: Use the extra payment feature to see how additional payments could save you money and time.
- Check Total Costs: Pay attention to the total interest paid over the life of the loan with different payment strategies.
- Review Payment Breakdown: Understand how much of each payment goes to principal versus interest, especially in the early years of the loan.
- Consider Timing: Look at how different payment frequencies might better align with your income schedule.
Note: This calculator assumes:
- Fixed interest rate over the life of the loan
- Regular payments of the same amount
- All payments are made on schedule
- Extra payments are applied directly to principal