Free Loan Amortization Calculator - Amortization Schedule & Payment Breakdown

Calculate your loan repayment schedule and visualize payment breakdown over time

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Use our free loan amortization calculator to instantly generate a detailed amortization schedule for any loan. Whether you need a mortgage amortization calculator, auto loan payment calculator, or personal loan payoff tool, this calculator shows you exactly how each payment breaks down between principal and interest over the life of your loan. Visualize your payment schedule, model extra payments to see how much interest you can save, and export a printable amortization table — all without signing up or paying a cent. Trusted by thousands of borrowers, homebuyers, and financial planners to make smarter debt repayment decisions.

How to Use Loan Amortization Calculator

Enter Your Loan Details

Start by entering your total loan amount (the principal you borrowed or plan to borrow), the annual interest rate (APR), and the loan term in years or months. These three values are all our amortization calculator needs to compute your full payment schedule. For a mortgage amortization schedule, enter the home loan amount after your down payment. For an auto loan, enter the financed vehicle price after trade-in value.

Select Your Payment Frequency

Choose how often you make payments: monthly, bi-weekly, weekly, quarterly, semi-annual, or annual. Bi-weekly mortgage payments are especially popular because making 26 half-payments per year is equivalent to 13 full monthly payments — effectively one extra payment each year. The calculator automatically adjusts the amortization schedule to reflect your chosen frequency.

Review Your Payment Summary

Once you enter your loan information, the calculator instantly displays your periodic payment amount, the total interest you will pay over the entire loan term, and the total cost of the loan (principal plus interest). This summary helps you understand the true cost of borrowing and compare different loan scenarios side by side.

Add Extra Payments to Pay Off Your Loan Faster

Use the Extra Payments section to model additional principal payments. You can set up recurring monthly extra payments, annual lump-sum payments (for example, from a tax refund or bonus), or one-time extra payments at specific points during your loan. The calculator shows you exactly how much interest you will save and how many months or years you will shave off your loan term by making extra payments.

Analyze and Export Your Amortization Schedule

Scroll through the complete amortization table to see every single payment broken down into principal, interest, and remaining balance. Filter the schedule to view all payments, yearly summaries, or just the first 12 payments. Export your printable amortization schedule to CSV for record-keeping, share the results with your financial advisor, or copy the payment summary for your records.

Calculator Features

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Full Amortization Schedule Table

Generate a detailed, printable amortization schedule showing every payment with principal, interest, cumulative interest, and remaining balance columns for your entire loan term

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Extra Payment & Early Payoff Calculator

Model monthly, yearly, or one-time extra payments to see exactly how much interest you save and how many years you cut from your loan with additional principal payments

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Interactive Payment Breakdown Charts

Visualize how your loan balance decreases over time and how the ratio of principal to interest shifts with each payment through interactive, easy-to-read charts

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Multiple Payment Frequencies

Calculate amortization schedules for monthly, bi-weekly, weekly, quarterly, semi-annual, and annual payment frequencies — perfect for modeling bi-weekly mortgage payments

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Mortgage Amortization Calculator

Built-in templates for 15-year and 30-year fixed-rate mortgages, FHA loans, and adjustable-rate mortgage scenarios with real-world default values

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Auto Loan Amortization

Quick-start templates for 3-year, 5-year, and 7-year auto loan terms so you can see your car payment schedule and total interest in seconds

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Export, Print & Share

Download your amortization schedule as a CSV file, copy your payment summary to the clipboard, or share your loan calculation results with anyone

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Instant Real-Time Calculations

All calculations update instantly as you type — no page reloads, no waiting. Powered by high-precision decimal math for accurate results down to the cent

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Mobile-Friendly Responsive Design

Use the amortization calculator on any device — desktop, tablet, or smartphone. The interface adapts to your screen size for a seamless experience

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100% Free & Private

No sign-up required, no hidden fees, and no data stored on servers. Your financial information stays private in your browser — always free to use

Complete Function List

Full amortization schedule with principal and interest breakdown for every payment:
Extra payment modeling with monthly, annual, and one-time additional payments:
Bi-weekly, weekly, monthly, quarterly, semi-annual, and annual payment frequencies:
Interactive charts showing loan balance paydown and principal vs interest over time:
Printable and exportable amortization table in CSV format:
Quick-start templates for mortgages, auto loans, personal loans, and student loans:
Real-time calculation updates as you adjust inputs — no page reloads:
Total interest paid and total loan cost summary:
Interest savings and term reduction from extra payments displayed instantly:
Yearly summary view for quick overview of annual principal and interest totals:
Copy and share functionality for payment summaries and loan details:
High-precision decimal math ensuring accuracy to the cent:
Responsive design optimized for desktop, tablet, and mobile devices:
Comparison of different loan terms (e.g., 15-year vs 30-year mortgage):
No sign-up, no ads, no data collection — completely free and private:
Supports any fixed-rate installment loan: mortgage, auto, personal, student, business
Cumulative interest tracking so you can see total interest paid at any point:
Payment number and date tracking for the entire amortization schedule:

Common Calculations & Examples

Example 1: 30-Year Fixed Mortgage Amortization Schedule

Problem: You are buying a home for $400,000 with a 20% down payment ($80,000) and need to calculate the monthly mortgage payment and total interest for a 30-year fixed-rate mortgage at 6.75% APR

Steps:

Enter loan amount: $320,000 (purchase price minus down payment)
Set annual interest rate: 6.75%
Select loan term: 30 years
Choose payment frequency: Monthly
Review the payment summary and amortization schedule

Result: Monthly payment: $2,075.63. Total interest paid: $427,225.57. Total cost of loan: $747,225.57

Explanation: With a $320,000 mortgage at 6.75% over 30 years, your monthly mortgage payment is $2,075.63. Over the full 30-year term, you will pay $427,225.57 in interest — more than the original loan amount. In the first month, $1,800.00 goes to interest and only $275.63 to principal. By year 15, the split is roughly equal. By the final year, nearly the entire payment goes to principal. This is why understanding your mortgage amortization schedule is essential for long-term financial planning.

Example 2: 15-Year vs 30-Year Mortgage Comparison

Problem: You want to compare a 15-year and 30-year mortgage for $250,000 at 6.25% to see the difference in monthly payments and total interest paid

Steps:

First scenario — Enter loan amount: $250,000, rate: 6.25%, term: 30 years
Note the monthly payment and total interest
Second scenario — Change term to 15 years, keep everything else the same
Compare monthly payments, total interest, and total cost

Result: 30-year: $1,539.29/month, $304,143.42 total interest. 15-year: $2,140.58/month, $135,303.74 total interest. Savings: $168,839.68

Explanation: The 15-year mortgage costs $601.29 more per month, but you save $168,839.68 in total interest — a massive reduction. The 15-year term also builds equity much faster. Use our loan amortization calculator to compare different terms and find the balance between affordable monthly payments and minimizing total interest.

Example 3: Auto Loan Payoff with Extra Payments

Problem: You have a $35,000 auto loan at 5.9% APR for 60 months (5 years) and want to see how much you save by making an extra $150 per month

Steps:

Enter loan amount: $35,000
Set annual interest rate: 5.9%
Select loan term: 60 months (5 years)
Choose payment frequency: Monthly
Add extra payment: $150 per month starting from payment 1
Compare the results with and without extra payments

Result: Without extra payments: $675.44/month, $5,526.53 total interest, 60 months. With $150 extra: paid off in 45 months, $4,027.18 total interest, saving $1,499.35

Explanation: Adding $150 per month to your auto loan payment cuts your loan term by 15 months (from 5 years to 3 years and 9 months) and saves nearly $1,500 in interest. The extra payments go directly toward reducing your principal balance, which means less interest accrues each month. This car loan amortization example shows why even modest extra payments can make a significant difference.

Example 4: Personal Loan Amortization

Problem: You are taking out a $15,000 personal loan at 9.5% APR for 3 years to consolidate credit card debt and want to see the full repayment schedule

Steps:

Enter loan amount: $15,000
Set annual interest rate: 9.5%
Select loan term: 3 years (36 months)
Choose payment frequency: Monthly
Review the amortization schedule

Result: Monthly payment: $480.46. Total interest paid: $2,296.55. Total repayment: $17,296.55

Explanation: For a $15,000 personal loan over 3 years at 9.5%, your fixed monthly payment is $480.46 and you will pay $2,296.55 in total interest. The amortization schedule shows that in month 1, $118.75 goes to interest and $361.71 to principal. By the final month, only $3.78 goes to interest. Personal loan amortization schedules help you plan your debt payoff strategy and budget your monthly expenses.

Example 5: Student Loan Repayment Schedule

Problem: You graduated with $45,000 in student loans at 4.5% interest and want to see the 10-year standard repayment plan and how a $200/month extra payment would help

Steps:

Enter loan amount: $45,000
Set annual interest rate: 4.5%
Select loan term: 10 years (120 months)
Choose payment frequency: Monthly
Review the standard repayment schedule
Add extra payment: $200 per month starting from payment 1
Compare total interest and payoff timeline

Result: Standard plan: $466.08/month, $10,929.96 total interest, 120 months. With $200 extra: paid off in 74 months, $6,533.21 total interest, saving $4,396.75

Explanation: The standard 10-year student loan repayment plan costs $466.08 per month with $10,929.96 in total interest. By paying an extra $200 per month, you pay off your student loans nearly 4 years early and save over $4,300 in interest. Our student loan amortization calculator helps you visualize the impact of accelerated repayment strategies on your education debt.

Start Extra Payments as Early as Possible

The earlier you begin making extra payments on your loan, the more interest you save. In the first years of any amortized loan, the majority of each payment goes toward interest. Extra payments made early reduce your principal balance when it matters most, creating a compounding effect that saves thousands of dollars in interest over the life of the loan. Even starting extra payments 6 months into your mortgage can save significantly more than starting 5 years in.

Consider Bi-Weekly Payments to Make One Extra Payment Per Year

Switching from monthly to bi-weekly payments is one of the easiest ways to pay off your loan faster. With bi-weekly payments, you make 26 half-payments per year, which equals 13 full payments instead of 12. That one extra payment per year can shave 4-6 years off a 30-year mortgage and save tens of thousands of dollars in interest — without significantly impacting your monthly budget.

Round Up Your Monthly Payment

Rounding up your loan payment is a simple way to reduce your loan term. If your monthly mortgage payment is $1,847, round it up to $1,900 or even $2,000. The extra $53-$153 per month goes entirely toward principal reduction and can save you thousands in total interest while shortening your loan by months or even years. Use our loan payoff calculator to see exactly how much rounding up saves you.

Compare Loan Terms Before You Borrow

Always use an amortization calculator to compare different loan terms before signing. A 15-year mortgage versus a 30-year mortgage, or a 3-year auto loan versus a 5-year auto loan, can mean the difference of tens of thousands of dollars in total interest paid. Shorter loan terms have higher monthly payments but dramatically lower total interest costs. Find the balance that fits your budget while minimizing what you pay the bank.

Apply Windfalls to Your Loan Principal

Tax refunds, work bonuses, birthday cash, or any unexpected money can be applied as a lump-sum extra payment toward your loan principal. A single $3,000 payment toward your mortgage principal early in the loan term can save you $8,000-$10,000 in interest over 30 years. Use the one-time extra payment feature in our calculator to model the impact of lump-sum payments on your specific loan.

Check for Prepayment Penalties Before Making Extra Payments

Before committing to an aggressive extra payment strategy, check your loan agreement for prepayment penalties. Some lenders charge a fee if you pay off your loan early or make payments above a certain threshold. Most conventional mortgages and auto loans do not have prepayment penalties, but some personal loans and certain mortgage products do. Knowing your terms ensures your extra payments actually save you money rather than triggering fees.

What is loan amortization?

Loan amortization is the process of paying off a debt through regular, fixed payments over a set period of time. Each payment consists of two parts: principal (the original amount borrowed) and interest (the cost of borrowing). In an amortized loan, early payments are mostly interest, while later payments are mostly principal. The amortization schedule is a table that shows exactly how each payment is divided between principal and interest for every payment period until the loan is fully paid off.

How is an amortization schedule calculated?

An amortization schedule is calculated using the standard loan amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments. For each payment, interest is calculated on the remaining balance (balance × monthly rate), and the rest of the payment goes to principal. This process repeats until the balance reaches zero.

What is the difference between principal and interest on a loan?

Principal is the original amount you borrowed — the actual loan balance. Interest is the fee the lender charges for borrowing that money, expressed as an annual percentage rate (APR). When you make a loan payment, part goes toward reducing the principal balance and part pays the interest charges. Early in the loan, most of your payment covers interest because the principal balance is still high. As you pay down the principal, less interest accrues each month, so more of each payment goes toward reducing the balance.

How do extra payments reduce total interest on a loan?

Extra payments go directly toward reducing your principal balance. Because interest is calculated on the remaining balance each month, a lower principal means less interest accrues. This creates a snowball effect: each extra payment reduces the balance, which reduces future interest charges, which means more of your regular payments go toward principal. For example, an extra $200 per month on a $300,000, 30-year mortgage at 6.5% can save you over $75,000 in interest and pay off the loan 7 years early.

What types of loans can I use the amortization calculator for?

This amortization calculator works for any fixed-rate installment loan, including: mortgages (15-year, 20-year, 30-year), auto loans, personal loans, student loans, business loans, home equity loans, and any other loan with fixed regular payments. It does not apply to revolving credit (credit cards), interest-only loans, balloon payment loans, or adjustable-rate mortgages where the rate changes over time — though you can use it to estimate an ARM's payments during the fixed-rate period.

Is it better to make extra payments monthly or as a yearly lump sum?

Monthly extra payments generally save slightly more interest than an equivalent yearly lump sum because they reduce your principal earlier and more frequently. For example, paying $100 extra per month reduces your balance every 30 days, while a $1,200 lump sum once a year leaves the balance higher for most of the year. However, both strategies are significantly better than no extra payments at all. Choose whichever approach fits your budget and cash flow — our calculator lets you model both scenarios.

How much interest do you pay on a 30-year mortgage?

On a typical 30-year fixed mortgage, you often pay more in total interest than the original loan amount. For example, a $300,000 mortgage at 6.5% results in approximately $382,633 in total interest over 30 years — meaning you pay $682,633 total for a $300,000 loan. The exact amount depends on your interest rate and loan size. This is why many financial advisors recommend 15-year mortgages or extra payments to dramatically reduce total interest costs.

What is the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but a much lower interest rate and dramatically less total interest paid compared to a 30-year mortgage. For a $250,000 loan: a 30-year mortgage at 6.5% costs $1,580/month with $319,000 in total interest, while a 15-year at 5.75% costs $2,076/month with $123,000 in total interest. The 15-year saves $196,000 in interest. Use our amortization calculator to compare different loan terms with your specific numbers.

How do bi-weekly payments work on a mortgage?

With bi-weekly payments, you pay half of your monthly mortgage payment every two weeks instead of one full payment per month. Since there are 52 weeks in a year, you make 26 half-payments, which equals 13 full monthly payments — one more than the standard 12. That extra payment goes entirely toward principal. On a 30-year mortgage, bi-weekly payments typically pay off the loan in about 25 years and save thousands in interest. Many lenders offer bi-weekly payment programs, or you can simply make one extra payment per year.

Why is most of my payment going to interest at the beginning?

At the start of an amortized loan, the principal balance is at its highest, so interest charges are also at their maximum. Interest is calculated as a percentage of the remaining balance each month. On a $300,000 mortgage at 6.5%, the first month's interest charge is $1,625 out of a $1,896 payment — 86% goes to interest. As you pay down the principal, less interest accrues, and the balance shifts. By the last year, nearly 100% of each payment goes to principal. This front-loaded interest structure is exactly why extra payments in the early years have the biggest impact.

Can I use this calculator for auto loan amortization?

Yes, this calculator works perfectly for auto loan amortization. Simply enter your car loan amount (the financed amount after any down payment or trade-in), your annual interest rate (APR from your loan agreement), and your loan term (typically 36, 48, 60, or 72 months for auto loans). The calculator generates a complete car payment schedule showing each monthly payment broken down into principal and interest, plus you can model extra payments to see how to pay off your car loan faster.

What is negative amortization and how do I avoid it?

Negative amortization occurs when your loan payment is not large enough to cover the interest due, causing the unpaid interest to be added to the principal balance. This means you actually owe more over time, not less. It typically happens with certain adjustable-rate mortgages (ARMs), payment-option loans, or income-driven student loan repayment plans where the minimum payment is less than the interest charge. To avoid it, always ensure your payments at least cover the full interest amount, and ideally choose a standard fully-amortizing fixed-rate loan.

What Is an Amortization Schedule and Why Does It Matter?

An amortization schedule is a complete table of every loan payment you will make from the first payment to the last. For each payment, it shows four key pieces of information: the payment amount, how much goes toward interest, how much goes toward principal, and the remaining loan balance after that payment. Understanding your amortization schedule is one of the most important steps in financial literacy because it reveals the true cost of borrowing. Most borrowers are surprised to learn how much of their early payments go toward interest rather than reducing their debt. On a typical 30-year mortgage, borrowers pay more in total interest than the original loan amount. The amortization schedule makes this visible, empowering you to make informed decisions about extra payments, refinancing, or choosing a shorter loan term. Whether you are a first-time homebuyer evaluating mortgage options or a borrower planning a debt payoff strategy, the amortization schedule is your financial roadmap.

The Mathematics Behind Loan Amortization

Loan amortization uses a specific mathematical formula to determine the fixed periodic payment that will fully pay off a loan over a set number of periods. The standard amortization formula is: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the periodic payment, P is the principal (loan amount), r is the periodic interest rate (annual rate divided by number of payments per year), and n is the total number of payments. This formula ensures that each payment covers the interest accrued since the last payment plus a portion of the principal, and that the final payment brings the balance exactly to zero. The interest portion of each payment is calculated as the remaining balance multiplied by the periodic interest rate. The principal portion is the total payment minus the interest. Because the balance decreases with each payment, the interest portion shrinks over time and the principal portion grows — even though the total payment stays exactly the same. This mathematical relationship is what creates the characteristic amortization curve where interest dominates early payments and principal dominates later payments.

Mortgage Amortization: What Every Homebuyer Should Know

For most homebuyers, a mortgage is the largest financial commitment they will ever make. Understanding mortgage amortization is essential for making smart decisions about down payments, loan terms, and interest rates. A mortgage amortization schedule shows you that on a 30-year fixed-rate mortgage, you will not reach the halfway point of principal payoff until approximately year 20 — meaning for the first two-thirds of your mortgage, more than half of each payment goes to the bank as interest. This is why many financial advisors recommend considering a 15-year mortgage if you can afford the higher monthly payment. A 15-year mortgage typically comes with a lower interest rate and builds equity dramatically faster. Even if you choose a 30-year mortgage for the flexibility of lower required payments, making extra principal payments as if you had a 15-year mortgage gives you the best of both worlds. You can also consider refinancing to a shorter term if interest rates drop. Our mortgage amortization calculator lets you compare all these scenarios so you can find the optimal strategy for your situation.

How Extra Payments Save You Thousands in Interest

Extra payments are the most powerful tool borrowers have to reduce the cost of their loans. When you make an extra payment, every dollar goes directly toward reducing your principal balance. Since interest is calculated on the remaining balance each month, a lower balance means less interest accrues — and that savings compounds over the entire remaining term of the loan. Consider a concrete example: on a $300,000, 30-year mortgage at 6.5%, adding just $200 per month in extra payments saves approximately $97,000 in total interest and pays off the mortgage in about 22 years instead of 30. That is 8 fewer years of payments and almost $100,000 saved from a relatively modest extra commitment. The key insight is that extra payments made early in the loan have a much larger impact than those made later, because the interest savings compound over more remaining years. Even small amounts — $25 or $50 per month — add up to significant savings over a 15 or 30-year loan term.

Understanding Interest Rates, APR, and Their Impact on Loan Cost

The interest rate on your loan is the single biggest factor determining how much you pay in total interest. Even a small difference in rate — say 6.0% versus 6.5% — can mean tens of thousands of dollars over the life of a mortgage. For a $300,000, 30-year mortgage, the difference between 6.0% and 6.5% is approximately $36,000 in total interest. This is why shopping for the best interest rate is one of the most impactful financial decisions a borrower can make. It is also important to understand the difference between the interest rate and APR (Annual Percentage Rate). The interest rate is the base cost of borrowing, while APR includes additional fees and costs such as origination fees, mortgage insurance, and closing costs, expressed as a yearly rate. APR gives you a more complete picture of the true cost of the loan. When comparing loan offers, always compare APR to APR for an apples-to-apples comparison. Our amortization calculator uses the rate you enter to compute payments, so enter your APR for the most accurate total cost estimate.

Amortization vs. Other Loan Repayment Structures

Not all loans use standard amortization. Understanding the different repayment structures helps you evaluate loan offers and avoid costly surprises. Fully amortized loans (like standard mortgages and auto loans) have fixed payments that pay off the entire balance by the end of the term — this is the most common and predictable structure. Interest-only loans require you to pay only the interest for a set period (usually 5-10 years), after which payments jump significantly to cover both principal and interest. These loans can be risky because you build no equity during the interest-only period and face payment shock when the amortization period begins. Balloon loans have low payments for most of the term but require a large lump-sum "balloon" payment at the end — often tens or hundreds of thousands of dollars. Adjustable-rate mortgages (ARMs) have a fixed rate for an initial period (3, 5, 7, or 10 years) that then adjusts periodically based on market rates, which can increase or decrease your payment. For most borrowers, a standard fully-amortizing fixed-rate loan offers the most stability and predictability, and that is exactly what our amortization calculator is designed to analyze.

Free Loan Amortization Calculator - Amortization Schedule & Payment Breakdown

Quick Start Templates

Loan Details

How to Use Loan Amortization Calculator

Enter Your Loan Details

Select Your Payment Frequency

Review Your Payment Summary

Add Extra Payments to Pay Off Your Loan Faster

Analyze and Export Your Amortization Schedule

Calculator Features

Full Amortization Schedule Table

Extra Payment & Early Payoff Calculator

Interactive Payment Breakdown Charts

Multiple Payment Frequencies

Mortgage Amortization Calculator

Auto Loan Amortization

Export, Print & Share

Instant Real-Time Calculations

Mobile-Friendly Responsive Design

100% Free & Private

Complete Function List

Common Calculations & Examples

Example 1: 30-Year Fixed Mortgage Amortization Schedule

Example 2: 15-Year vs 30-Year Mortgage Comparison

Example 3: Auto Loan Payoff with Extra Payments

Example 4: Personal Loan Amortization

Example 5: Student Loan Repayment Schedule

Tips for Using Loan Amortization Calculator

Frequently Asked Questions

Understanding Loan Amortization Calculator