Loan Amortization Calculator
Calculate mortgage amortization and total interest paid
About this calculator
A loan amortization calculator helps you understand how your mortgage payments are structured over time, showing exactly how much goes toward principal versus interest each month. This powerful tool calculates your complete payment schedule, reveals the total interest you'll pay over the loan's lifetime, and demonstrates how extra payments can save you thousands of dollars. Whether you're comparing loan options, planning your budget, or considering refinancing, this calculator provides essential insights for making informed financial decisions about your mortgage.
How to use
Enter your loan amount, interest rate, and loan term in years. The calculator will instantly generate your monthly payment amount and complete amortization schedule. Review the detailed breakdown showing principal, interest, and remaining balance for each payment to understand your loan's progression over time.
Frequently asked questions
What is loan amortization?
Amortization is the process of gradually paying off a loan through regular payments that cover both principal and interest over a predetermined period.
How does interest change over time?
Early payments consist mostly of interest, while later payments apply more toward principal as the outstanding balance decreases throughout the loan term.
Can I save money with extra payments?
Yes, making additional principal payments reduces total interest paid and shortens the loan term, potentially saving thousands of dollars over time.