Amortization calculator with extra payments.
A free amortization calculator. Enter your loan details to see principal, interest, and what an extra payment could save. No signup.
| Payment # | Payment | Principal | Interest | Balance |
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A little clarity on your loan.
What is an amortization table?
It shows how each payment is divided between interest and the amount you borrowed (principal). With a fixed-rate loan, the regular principal-and-interest payment stays the same. As the balance falls, less of each payment goes to interest.
How do extra payments help?
Extra principal reduces the balance on which future interest is calculated. This calculator assumes you pay the extra amount every month, starting with payment one, and keep making the original scheduled payment until the loan is paid off. Confirm with your lender how to direct extra payments to principal and whether any prepayment charge applies.
How is the payment calculated?
For a fixed-rate loan, the payment is P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. At 0% interest, the payment is P ÷ n. Each month’s interest equals the opening balance multiplied by the monthly rate.
What does this estimate include?
Principal and interest only, with monthly payments and a fixed interest rate. It excludes property taxes, insurance, HOA dues, mortgage insurance, fees, and variable-rate changes. Figures use full precision internally and display rounded cents; a lender’s rounding and timing can produce small differences. This is an educational estimate, not a loan offer.
Understand your loan, one step at a time.
Use these short guides alongside your results.
- How to read an amortization table — a worked example of principal, interest, and balance.
- How extra principal payments change your loan — compare monthly amounts and interest savings.