Amortization Calculator
Calculate loan payments, interest costs, and create detailed amortization schedules for mortgages, auto loans, personal loans, and more.
Calculate Monthly Payment
Find out your monthly payment based on loan amount, interest rate, and term.
USD
$1K
$500K
$1M
%
0.1%
7.5%
15%
years
months
1 yr
15 yrs
30 yrs
Calculate Loan Amount
Determine how much you can borrow based on your monthly payment budget.
USD
%
years
months
Calculate Loan Term
Find out how long it will take to pay off your loan.
USD
USD
%
Calculate Interest Rate
Determine the interest rate based on your loan details.
USD
USD
years
months
Amortization Results
Monthly Payment
$1,266.71
Total Interest
$206,016.78
Total Payment
$456,016.78
Payoff Date
April 2054
Payment Breakdown
Principal Paid
$250,000.00
Interest Paid
$206,016.78
Total Paid
$456,016.78
Payment Breakdown Over Time
Year 1
Year 5
Year 10
Year 15
Year 20
Year 25
Year 30
Interest
Principal
Extra Payment Calculator
USD
New Payoff Date:
March 2048
Interest Saved:
$48,215.40
Months Saved:
72 months
Amortization Schedule
Year 1-5 of 30
| Year | Payment | Principal | Interest | Balance |
|---|
| Month | Payment | Principal | Interest | Balance |
|---|
Amortization Calculator: Understand Your Loan Payments
Our comprehensive amortization calculator helps you understand exactly how your loan payments work, showing how much goes toward principal vs. interest over the life of your loan.
What is Amortization?
Amortization is the process of paying off a loan through regular payments over time. Each payment covers both interest charges and reduces the principal balance.
How Amortization Works
Early payments are mostly interest, while later payments apply more toward principal. This creates an "amortization schedule" showing each payment's breakdown.
Why It Matters
Understanding amortization helps you make informed decisions about extra payments, refinancing, and choosing the right loan term for your financial situation.
Key Loan Terms Explained
Principal
The original amount borrowed, excluding interest and fees.
Interest
The cost of borrowing money, expressed as a percentage of the principal.
Loan Term
The length of time you have to repay the loan, typically 15-30 years for mortgages.
Amortization Schedule
A table showing each payment's breakdown between principal and interest.
How Extra Payments Save You Money
Without Extra Payments
Total Interest Paid:
$206,016
Payoff Date:
April 2054
With $100 Extra Monthly
Interest Saved:
$48,215
Payoff Date:
March 2048
Common Loan Types
Fixed-Rate Mortgage
Interest rate remains constant throughout the loan term. Predictable payments make budgeting easier.
Adjustable-Rate Mortgage (ARM)
Interest rate adjusts periodically based on market conditions. Typically starts with a lower rate than fixed mortgages.
Auto Loans
Typically 3-7 year terms with fixed interest rates. Shorter terms than mortgages.
Personal Loans
Unsecured loans with terms usually ranging from 1-7 years. Higher interest rates than secured loans.
Important Disclaimer: This calculator provides estimates based on the inputs provided. Actual loan terms, interest rates, and payments may vary based on your credit score, lender policies, and other factors. This tool is for educational purposes only and should not be considered financial advice. Always consult with a qualified financial advisor or lender before making loan decisions.