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Amortization Calculator

Calculate your loan amortization schedule with extra payments. See how much interest you can save and pay off your loan faster.

Loan Amount ($)

Annual Interest Rate (%)

Years

Months

Start Date

Extra Payments

Recurring Extra Payment ($)

Frequency

One-time Extra Payment ($)

Apply One-time at Month #

Monthly Payment

$1,432.86

Total Interest

$124,743.02

(without extra: $143,886.91)

Interest Saved

$19,143.89

with extra payments

Time Saved

2y 4m

212 months total

Formula

\text{PMT} = P \times \frac{r(1+r)^t}{(1+r)^t - 1}

Where $P$ = principal, $r$ = monthly rate, $t$ = total months

Amortization Schedule

#	Date	Payment	Principal	Interest	Extra	Balance
1	Jul 2026	$1,532.86	$532.86	$1,000.00	$100.00	$199,467.14
2	Aug 2026	$1,532.86	$535.53	$997.34	$100.00	$198,931.61
3	Sep 2026	$1,532.86	$538.20	$994.66	$100.00	$198,393.41
4	Oct 2026	$1,532.86	$540.90	$991.97	$100.00	$197,852.51
5	Nov 2026	$1,532.86	$543.60	$989.26	$100.00	$197,308.91
6	Dec 2026	$1,532.86	$546.32	$986.54	$100.00	$196,762.60
7	Jan 2027	$1,532.86	$549.05	$983.81	$100.00	$196,213.55
8	Feb 2027	$1,532.86	$551.79	$981.07	$100.00	$195,661.75
9	Mar 2027	$1,532.86	$554.55	$978.31	$100.00	$195,107.20
10	Apr 2027	$1,532.86	$557.33	$975.54	$100.00	$194,549.87
11	May 2027	$1,532.86	$560.11	$972.75	$100.00	$193,989.76
12	Jun 2027	$1,532.86	$562.91	$969.95	$100.00	$193,426.85

Loan Summary

Original Loan: $200,000.00

Total Payments: $324,743.02

Total Interest: $124,743.02

Payoff Time: 212 months (17 years 8 months)

How to Use

1
Enter your loan amount, annual interest rate, and loan term
2
Set a start date for the amortization schedule
3
Optionally add recurring extra payments (monthly, quarterly, or yearly)
4
Optionally add a one-time extra payment at a specific month
5
View the full amortization schedule with interest savings comparison

Examples

Good Examples

£100,000 loan at 6% for 20 years

Monthly payment: £716.43. Total interest: £71,943

Same loan with £100/month extra

Payoff in 191 months (49 months early). Save £16,788 in interest

Bad Examples

Forgetting to check for prepayment penalties

Some lenders charge fees for early payoff — always check first

Confusing amortization with simple interest

Amortization reduces interest over time as principal decreases

Common Mistakes

Not accounting for the start date — affects payment schedule dates
Forgetting to check for prepayment penalties before making extra payments
Confusing the interest portion with the principal portion of each payment
Assuming all extra payments go to principal — clarify with your lender

Frequently Asked Questions

What is an amortization schedule?

An amortization schedule is a table showing each loan payment broken down into principal and interest portions, plus the remaining balance after each payment. Early payments are mostly interest, while later payments are mostly principal.

How do extra payments help?

Extra payments go directly toward the principal balance. This reduces the amount on which interest is calculated, saving you money on interest and shortening the loan term. Even small extra payments can make a big difference over time.

Should I check for prepayment penalties?

Yes — some lenders charge fees for paying off a loan early. Always check your loan agreement or ask your lender before making extra payments to avoid unexpected charges.

How is the monthly payment calculated?

The monthly payment uses the formula: $\text{PMT} = P \times \frac{r(1+r)^t}{(1+r)^t - 1}$ , where $P$ is the loan amount, $r$ is the monthly interest rate, and $t$ is the number of months.