Amortization Calculator
Generate a full loan amortization schedule with a month-by-month breakdown of principal and interest for any mortgage, auto loan, or personal loan. Add an extra monthly payment to instantly see how much interest you save and how much sooner you pay off the loan.
Loan Details
Added to principal each month
Monthly Payment
$1,995.91
30 yr at 7%
Total Interest
$418,527
Over the life of the loan
Payoff Date
April 2056
Standard schedule
Interest Savings
—
Add extra payment above
Remaining Balance Over Time
Amortization Schedule (Yearly Summary)
360 total months| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $1,995.91 | $262.15 | $1,733.75 | $296,953 |
| Year 2 | $1,995.91 | $281.11 | $1,714.80 | $293,685 |
| Year 3 | $1,995.91 | $301.43 | $1,694.48 | $290,181 |
| Year 4 | $1,995.91 | $323.22 | $1,672.69 | $286,424 |
| Year 5 | $1,995.91 | $346.58 | $1,649.32 | $282,395 |
| Year 6 | $1,995.91 | $371.64 | $1,624.27 | $278,075 |
| Year 7 | $1,995.91 | $398.50 | $1,597.40 | $273,442 |
| Year 8 | $1,995.91 | $427.31 | $1,568.60 | $268,475 |
| Year 9 | $1,995.91 | $458.20 | $1,537.71 | $263,149 |
| Year 10 | $1,995.91 | $491.32 | $1,504.58 | $257,437 |
| Year 11 | $1,995.91 | $526.84 | $1,469.06 | $251,313 |
| Year 12 | $1,995.91 | $564.93 | $1,430.98 | $244,746 |
| Year 13 | $1,995.91 | $605.77 | $1,390.14 | $237,704 |
| Year 14 | $1,995.91 | $649.56 | $1,346.35 | $230,153 |
| Year 15 | $1,995.91 | $696.51 | $1,299.39 | $222,057 |
| Year 16 | $1,995.91 | $746.87 | $1,249.04 | $213,375 |
| Year 17 | $1,995.91 | $800.86 | $1,195.05 | $204,065 |
| Year 18 | $1,995.91 | $858.75 | $1,137.16 | $194,082 |
| Year 19 | $1,995.91 | $920.83 | $1,075.08 | $183,378 |
| Year 20 | $1,995.91 | $987.40 | $1,008.51 | $171,900 |
| Year 21 | $1,995.91 | $1,058.78 | $937.13 | $159,592 |
| Year 22 | $1,995.91 | $1,135.31 | $860.59 | $146,395 |
| Year 23 | $1,995.91 | $1,217.39 | $778.52 | $132,243 |
| Year 24 | $1,995.91 | $1,305.39 | $690.52 | $117,069 |
| Year 25 | $1,995.91 | $1,399.76 | $596.15 | $100,797 |
| Year 26 | $1,995.91 | $1,500.95 | $494.96 | $83,349 |
| Year 27 | $1,995.91 | $1,609.45 | $386.46 | $64,640 |
| Year 28 | $1,995.91 | $1,725.80 | $270.11 | $44,579 |
| Year 29 | $1,995.91 | $1,850.56 | $145.35 | $23,067 |
| Year 30 | $1,995.91 | $1,984.33 | $11.58 | $0 |
Loan Summary
How to Use This Calculator
- 1Loan Amount
Enter the total amount you are borrowing — the original principal balance. For a mortgage, this is the purchase price minus your down payment. For a refinance, enter your current remaining balance.
- 2Annual Interest Rate
Enter the fixed annual interest rate (APR) on your loan. This is the yearly rate divided by 12 to compute monthly interest. Do not include points or fees here — use the stated interest rate on your loan documents.
- 3Loan Term
Enter the repayment period in years. Common terms are 30 or 15 years for mortgages, 5–7 years for auto loans, and 1–7 years for personal loans. A shorter term means higher monthly payments but much less total interest paid.
- 4Extra Monthly Payment (optional)
Enter any additional amount you plan to pay toward principal each month. Even a small extra payment can save thousands in interest and shave years off your loan. The calculator shows you the exact payoff acceleration and interest savings side by side.
Calculation Formulas
Standard loan amortization uses a fixed monthly payment derived from the principal, interest rate, and term. Each payment first covers the interest due on the remaining balance, with the remainder reducing the principal.
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1] where: P = principal (loan amount) r = monthly rate (annual rate ÷ 12) n = total months (years × 12)
Per-Month Breakdown
Interest = Balance × r Principal = M − Interest Balance = Balance − Principal With extra payment (E): Payment = M + E Principal = (M + E) − Interest Balance shrinks faster each month
Extra Payment Acceleration
Total Interest (standard) = (M × n) − P Total Interest (extra) = Σ Interest charges until balance = 0 Interest Savings = Total Interest (standard) − Total Interest (extra) Months Saved = n − Accelerated payoff months The extra amount applies entirely to principal, reducing the balance on which future interest accrues.
Frequently Asked Questions
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