Enter values and select Calculate to see your result.
View a monthly loan repayment schedule with optional extra payments
Fixed interest, monthly payments and no prepayment penalties. Displayed amounts are rounded; calculations retain precision.
How to use the Amortization Calculator
View how each fixed loan payment is split between interest and principal, including optional extra payments.
- Enter balance, annual rate and term.
- Add an extra monthly payment if desired.
- Calculate to review payoff time and interest saved.
Amortization Calculator formula
Period interest = outstanding balance × monthly rate; the remaining payment reduces principal.
Worked example
Inputs: $20,000 at 6% for 60 months with an extra $50 each month.
What to expect: The schedule estimates a faster payoff and lower interest than the standard payment.
How to read your result
Early payments contain more interest because the balance is largest; extra principal has greatest impact early.
Frequently asked questions
Are extra payments always principal?
This model assumes they are; confirm your lender's instructions and prepayment rules.
Why can the last payment be smaller?
Rounding and the remaining balance can make the final scheduled payment different.