Amortization Calculator
Calculate Your Loan Payoff Schedule and See How Extra Payments Can Save You Thousands in Interest and Years off Your Mortgage.
Your Estimated Amortization Results
| Original | Extra Pay | Difference | |
|---|---|---|---|
| Monthly Pay | |||
| Total Monthly Payments | |||
| Total Interest | |||
| Extra Payments | - | - | |
| Total Loan Payment | |||
| Payoff Date | - | ||
| Payoff In |
Amortization Schedule
| Original | Extra Payment | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | Date | Principal | Interest | Payment | End Balance | Principal | Interest | Payment | End Balance |
| Original | Extra Payment | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Month | Date | Principal | Interest | Payment | End Balance | Principal | Interest | Payment | End Balance |
Why Extra Mortgage Payments Can Save Money
In a standard amortized loan, interest is calculated based on the remaining balance. Early in the loan, a larger portion of each payment goes toward interest. Later in the loan, more of each payment goes toward principal.
When you make extra principal payments, the balance drops faster. That means future interest charges are calculated on a smaller balance. The earlier you make extra payments, the more time those payments have to reduce interest costs.
For many U.S. homeowners, even a modest extra monthly payment can make a meaningful difference. For example, adding an extra amount each month may shorten a 30-year mortgage by several years and reduce total interest by thousands of dollars.
FAQs
What is an amortization schedule?
An amortization schedule is a table that shows how each loan payment is divided between principal and interest. It also shows the remaining loan balance after each payment.
Does this calculator include taxes and insurance?
No. This calculator estimates principal and interest only. It does not include property taxes, homeowners insurance, private mortgage insurance, HOA dues, or other escrow items.
Do extra payments reduce my monthly mortgage payment?
Usually, no. Extra principal payments typically shorten the loan term and reduce total interest, but your required monthly payment usually stays the same unless you refinance or request a loan recast from your lender.
Are extra payments applied to principal?
This calculator assumes all extra payments are applied directly to principal. In real life, you should confirm with your lender or loan servicer that extra payments are being applied to principal only.
Is it better to make extra monthly payments or one lump-sum payment?
It depends on your cash flow and financial goals. Extra monthly payments are consistent and can reduce interest steadily over time. A lump-sum payment can also save interest, especially when made early in the loan term. You can test both options with this calculator.
Can I use this calculator for a 15-year mortgage?
Yes. Enter 15 years and 0 months as the loan term. You can also use other terms, such as 10, 20, 25, or 30 years.
Can I use this calculator for an auto loan or personal loan?
Yes. The calculator can estimate amortization for most fixed-rate installment loans, including auto loans, personal loans, and home equity loans.
What happens if my interest rate changes?
This calculator is designed for fixed-rate loans. If you have an adjustable-rate mortgage, the actual payment and payoff schedule may change when the rate adjusts.
Should I make extra mortgage payments or invest instead?
That depends on your interest rate, investment expectations, tax situation, emergency savings, and risk tolerance. Paying extra on a mortgage can provide guaranteed interest savings, while investing may offer higher potential returns but comes with market risk.
Can I download the amortization schedule?
Yes. Use the download buttons below the annual and monthly schedules to export the tables as CSV files. You can open the files in Excel, Google Sheets, or similar spreadsheet software.
Are the results exact?
The results are estimates for planning purposes. Actual loan payoff amounts can vary due to lender rounding, payment posting dates, daily interest calculations, fees, escrow changes, and other loan terms. For an official payoff amount, contact your lender or loan servicer.
Important Notes
- This calculator is for educational and planning purposes only.
- It assumes a fixed interest rate and monthly payments.
- It assumes all extra payments are applied directly to principal.
- It does not include taxes, insurance, PMI, HOA fees, late fees, or lender fees.
- Check your loan agreement for prepayment penalties before making large extra payments.
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