Amortization Calculator
Calculate your loan amortization schedule, see how much interest you'll pay, and how extra payments can reduce your loan term.
Loan Details
Monthly Payment
$0
Total Interest
$0
Total Payment
$0
Payoff Date
Payment Breakdown
Interest vs Principal Over Time
Amortization Schedule
Yearly Summary| Year | Date | Payment | Principal | Interest | Balance |
|---|
Related & Other Popular Calculators
An Amortization Calculator allows you to visualize the loan payment process over time. Whether you're looking for a mortgage, auto loan or personal loan, it's important to understand how much of your payment goes towards interest and the amount that goes towards paying down your principal balance before making a responsible financial decision.
Our free online Amortization Calculator will allow you to quickly and easily estimate on payments, interest total and payoff schedules for a confident borrowing decision.
What is an Amortization Calculator?
An Amortization Calculator is meant to break down a loan in equal monthly payments and indicate the portion of principal and interest in each monthly loan payment as well. It offers a complete amortization schedule showing the loan principal balance and how it decreases as the loan is paid off.
By using this calculator, you can:
How Our Amortization Calculator Works
Our amortization calculator is user-friendly and relatively accurate. You simply need to enter the amount of the loan, interest rate, and the loan term (in years). The calculator will then return your monthly payment, total payment, and total interest.
You can also:
This level of detail helps represent your financial decisions and being able to keep yourself aware of your repayment plan.
Why Use an Amortization Calculator?
Taking on a loan is a long-term financial commitment. When you don't plan for pay down the loan itself, it is very easy to underestimate how much loan interest will cost you. Using an Amortization Calculator will yield the following:
An Amortization Calculator is an important part of making more informed decisions if you are a first-time home buyer, refinancing your current mortgage or best if you are taking out a business loan.
Our Amortization Calculator is the easiest way you can take control of your loan planning. By understanding how loans are paid back, you will be able to plan your budget better, plan how to reduce your time of paying back your debt, and make informed decisions as a consumer. Use our free Amortization Calculator today to start planning your debt-free future!
FAQs
An amortization schedule is an elaborate table that outlines each payment on a loan and how much applies to interest, how much pays down principal, and the total outstanding balance after each payment. Our Amortization Calculator will instantly generate an amortization schedule.
The Amortization Calculator is based on the standard financial formulas for calculating loan amortization so are highly accurate. Actual fees that lenders impose such as for taxes or insurance may cause the total payment amount to vary slighly.
Absolutely! This Amortization Calculator works with all loans - mortgages, auto loans, student loans and personal loans.
When you include extra payments in the Amortization Calculator, it recomputes your loans balance and show you how much time you can save on loan payments and interest expense.
In the early years of a loan, lenders allocate more of your payment to interest and less to principal. Over time, the balance shifts. The Amortization Calculator helps you visualize this transition.
Absolutely. Businesses can use the Amortization Calculator to plan loan repayments for equipment financing, business loans, or commercial mortgages.