Calculate your full loan schedule, total interest, and payoff date
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A loan amortization calculator shows how each payment on a loan is split between principal and interest over the full term of the loan. It generates a schedule that details the remaining balance after every payment.
Extra payments reduce your principal faster, which lowers the total interest you pay and can shorten your loan term by months or even years. Our calculator shows exactly how much interest you save and your new payoff date.
Principal is the original amount you borrowed. Interest is the cost of borrowing, calculated as a percentage of the remaining principal. Early in a loan, most of each payment goes to interest; later, more goes to principal.
Total interest equals the sum of all interest payments over the loan term. You can calculate it by subtracting the original principal from the total of all payments. Our calculator computes this automatically.
Paying extra principal is simpler and avoids closing costs, but refinancing can save more if current rates are significantly lower. Use our calculator to compare your savings with extra payments versus a lower rate.
With bi-weekly payments, you pay half your monthly amount every two weeks. Because there are 52 weeks in a year, you make 26 half-payments — the equivalent of 13 full monthly payments instead of 12. This pays off your loan faster.
Yes, when you make an extra payment and specify it should go to principal, it reduces your loan balance directly. This lowers future interest charges because interest is calculated on the remaining balance.
A higher interest rate increases both your monthly payment and total interest paid. Even a small rate difference can cost thousands over a 30-year mortgage. Our calculator lets you compare different rates side by side.