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Amortization Calculator

Build a fast payoff summary with first-payment detail and extra-payment impact.

Inputs

Results update as you edit.

$
%
years
$

Monthly payment

$1,970.30

Results update as the calculator inputs change.

Total interest

$389,306.21

Payoff with extra

315 months

Interest saved

$57,726.33

First interest charge

$1,666.67

First principal paid

$303.63

How to Read an Amortization Schedule

Balance Over Time
Amortization shows how each payment reduces principal and interest.
Interest First
Early payments usually contain more interest because the outstanding balance is higher.
Extra Principal
Additional principal can shorten the schedule and reduce interest.

How Amortization Works

An amortization calculator breaks a fixed-payment loan into principal and interest. It helps you see why early payments feel interest-heavy and how extra principal changes payoff.

What Factors Affect Amortization?

Loan Amount

The starting balance sets the size of the amortization schedule.

Interest Rate

Higher rates make the interest portion larger, especially early in the loan.

Term

Longer terms create more payments and usually more total interest.

Extra Payment

Extra principal lowers future interest by reducing the balance sooner.

Payment Timing

The schedule assumes regular payments at the selected interval.

Fees Excluded

Separate fees may affect APR or total cost even if not in the schedule.

Useful Amortization Views

First Payment

See how much of the first payment goes to interest and principal.

Total Interest

Estimate the total finance charge across the full term.

Payoff Acceleration

Compare standard payoff with extra principal payments.

Frequently Asked Questions

Why is interest highest at the beginning?

Interest is calculated on the outstanding balance. Early in the loan, that balance is largest.

Does extra principal change my required payment?

Usually it does not change the scheduled payment unless the lender recasts the loan, but it can shorten payoff time.

Is amortization the same for every loan?

No. This calculator models standard fixed-rate amortization. Variable-rate, interest-only, and balloon loans work differently.

Can I use this for a mortgage?

Yes for principal and interest. Add taxes, insurance, HOA, and PMI separately for a full housing payment.

What should I compare between loans?

Compare payment, payoff date, total interest, fees, and flexibility around extra payments.