Calculate your loan payments, total interest, and detailed amortization schedule.
| Payment # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jan 2025 | $1,342.05 | $404.55 | $937.50 | $249,595.45 |
| 2 | Feb 2025 | $1,342.05 | $406.07 | $935.98 | $249,189.38 |
| 3 | Mar 2025 | $1,342.05 | $407.59 | $934.46 | $248,781.79 |
Follow these simple steps to calculate your loan amortization schedule and understand your payment breakdown.
Input your loan amount, interest rate, term, and payment frequency for accurate calculations.
Our calculator instantly computes your monthly payment, total interest, and payment schedule.
Examine the detailed amortization table showing principal and interest for each payment.
Print or save your amortization schedule for future reference and financial planning.
Enter the precise annual percentage rate (APR) from your lender for accurate results.
Additional principal payments can significantly reduce total interest paid over the loan term.
Bi-weekly payments can save thousands in interest compared to monthly payments.
Always consider the total amount paid over the life of the loan, not just monthly payments.
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Learn the key concepts behind loan amortization and how it affects your payments over time.
Amortization is the process of paying off a loan through regular payments over time. Each payment consists of both principal (the amount borrowed) and interest (the cost of borrowing).
Early in the loan term, a larger portion of each payment goes toward interest. As time progresses, more of each payment goes toward reducing the principal balance.
The original amount borrowed, which decreases with each payment.
The cost of borrowing money, calculated as a percentage of the remaining balance.
The length of time over which the loan will be repaid.
Annual Percentage Rate - the yearly cost of the loan including interest and fees.
Most of your payment goes toward interest charges.
Interest and principal portions become more balanced.
Most of your payment reduces the principal balance.
Additional payments toward principal can save thousands in interest.
26 bi-weekly payments equal 13 monthly payments per year.
Lower interest rates can significantly reduce total costs.
Get answers to common questions about amortization calculations and loan payments.
Our amortization calculator uses standard financial formulas and provides highly accurate results. However, actual loan terms may include additional fees, insurance, or taxes not reflected in basic calculations. Always consult with your lender for exact payment amounts.
Bi-weekly payments result in 26 payments per year (equivalent to 13 monthly payments), which can significantly reduce the loan term and total interest paid. For example, a 30-year mortgage with bi-weekly payments typically pays off in about 25 years.
Yes, making extra principal payments can significantly reduce your loan term and total interest paid. Even small additional payments can save thousands of dollars over the life of the loan. Check with your lender about prepayment penalties before making extra payments.
Your monthly payment is determined by four main factors: loan amount (principal), interest rate, loan term, and payment frequency. A larger loan amount or higher interest rate increases payments, while a longer term decreases monthly payments but increases total interest paid.
Shorter loan terms have higher monthly payments but lower total interest costs. Longer terms have lower monthly payments but higher total costs. Choose based on your monthly budget and long-term financial goals. Consider your cash flow needs and other investment opportunities.
Refinancing can be beneficial if you can secure a significantly lower interest rate (typically 0.5-1% lower). Consider closing costs, how long you plan to stay in the home, and your current loan balance. Use our calculator to compare scenarios before deciding.
No, we do not store any of your financial information. All calculations are performed locally in your browser, ensuring complete privacy and security. Your loan details and calculations remain confidential and are not transmitted to our servers.
Yes, this amortization calculator works for any fixed-rate loan including mortgages, auto loans, personal loans, and student loans. The calculation method is the same regardless of loan type, as long as the interest rate and payment amount remain constant.
More frequent payments (bi-weekly or weekly) reduce total interest because you're paying down the principal faster. Bi-weekly payments can save 4-6 years on a 30-year mortgage and thousands in interest. Weekly payments provide even greater savings but may be less convenient to manage.
This calculator is designed for fixed-rate loans where the interest rate remains constant. For adjustable-rate mortgages (ARMs), you can calculate the initial payment period, but payments will change when the rate adjusts. Consult your lender for ARM-specific calculations.