Amortization Calculator
This free online amortization calculator turns a loan amount, an interest rate, and a term into your monthly payment, the total interest you'll pay, and a full month-by-month amortization schedule. Add an extra monthly payment and it shows exactly how much sooner the loan clears and how much interest that saves. It works for any fixed-rate loan — mortgage, car, student, or personal — and it runs entirely in your browser: no signup, no upload, nothing stored.
Enter the loan amount, the annual interest rate, and the term in years above. The monthly payment, total interest, payoff date, and the full schedule update as you type — there's no calculate button. Tap "Add extra payments" to see what paying more each month would save you.
Three numbers is all it takes — the schedule builds as you type.
Use the free Amortization Calculator →What Is an Amortization Schedule?
An amortization schedule is the full table of every payment on a loan, from the first to the last. For each month it shows what you pay, how much of that payment goes to interest, how much goes to principal, and what balance is left afterwards. A 30-year loan has 360 rows and ends at exactly zero.
The reason the table is worth reading is that the split is not constant. Early on, almost all of your payment is interest and barely any of it touches the balance; by the final years the same payment is nearly all principal. Nothing about the payment changes — only the balance it's charged against.
How to Use This Amortization Calculator
This loan amortization calculator — or amortization schedule calculator, if that's the term you know it by — needs just three numbers, and the whole schedule updates live, no submit button, no page reload:
- Open capsuletools.app/amortization-calculator/
- Loan amount — the principal you're borrowing
- Interest rate — the annual rate, as a percentage
- Loan term — how long the loan runs, in years (30 by default)
The summary at the top gives your monthly payment, the total interest over the life of the loan, the total cost (principal plus interest), how long it actually takes to pay off, and the month the last payment lands. Amounts are shown with thousands separators but no currency symbol, so the figures read correctly whatever currency you borrow in.
Interest rate: 6.5%
Loan term: 30 years
Monthly payment = 1,580.17
Total interest = 318,861.58 over 360 payments
How Extra Payments Save You Time and Interest
Interest is charged on the balance that's still outstanding, so anything you pay above the scheduled amount does double duty: it clears principal now, and it shrinks every interest charge for the rest of the loan. That's why a modest extra payment made early is worth far more than a large one made late.
Tap Add extra payments and enter a monthly amount. The calculator rebuilds the schedule twice — once with your extra payment and once without — and reports the difference: how many years and months come off the term, and how much interest you never pay. On the 250,000 loan above, an extra 200 a month clears it 7 years 11 months early and saves about 97,600 in interest.
The summary switches to the with-extra figures throughout. The headline stays the contractual payment — the amount the lender requires — and the line beneath it names what you're actually paying each month.
Reading the Amortization Table
The schedule below the inputs has one row per payment and six columns:
- Month — the payment number, 1 through the final month
- Payment — what you pay that month, including any extra
- Principal — the part that reduces the balance
- Interest — the part that doesn't
- Interest to date — the running total of interest paid so far
- Balance — what's still owed after the payment
The table scrolls sideways for the columns and down through the months, with the header row and the Month column pinned so a figure never loses its labels. One detail worth knowing: the final payment is usually a little different from the rest. A rounded monthly payment never divides a loan perfectly, so the last one settles whatever remainder is left — exactly as a lender's own schedule does.
Frequently Asked Questions
How much interest will I save if I make extra payments?
It depends on the size of the loan, the rate, and how early you start — which is exactly why the calculator runs both versions for you. Open "Add extra payments", enter an amount, and it rebuilds the schedule twice: once with the extra and once without, then reports the difference. On a 250,000 loan at 6.5% over 30 years, an extra 200 a month clears the balance about 7 years 11 months early and saves roughly 97,600 in interest.
What is an amortization schedule?
An amortization schedule is a table listing every payment over the life of a loan, showing how each one splits between interest and principal and what balance is left afterwards. Early payments are mostly interest; later ones are mostly principal. A 30-year loan has 360 rows, one per monthly payment, ending at a balance of zero.
How does amortization work?
Every month, interest is charged on whatever balance is still outstanding. Your payment covers that interest first, and only what's left over reduces the principal. Because the balance shrinks each month, the interest charge shrinks with it and more of the same fixed payment goes to principal — which is why the split shifts steadily across the schedule even though the payment never changes.
How can I pay off my loan faster?
Pay more than the scheduled amount, and make sure the extra goes to principal. Every extra unit reduces the balance that next month's interest is charged on, so the saving compounds for the rest of the loan. Use the "Add extra payments" toggle to try different amounts — the payoff date and total interest update as you type, so you can see what a realistic extra actually buys you.
Can I use this for a mortgage, car loan, or personal loan?
Yes. Any fixed-rate loan with equal monthly payments amortizes the same way, so a mortgage, car loan, student loan, or personal loan all work — only the numbers differ. The calculator is currency-agnostic too: it formats amounts with thousands separators but adds no currency symbol, so the figures read correctly whatever you borrow in. It does not model variable rates, balloon payments, taxes, or insurance.
Use the free Amortization Calculator →
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