Loan Amortization Calculator

Calculate loan payments, view amortization schedules, and explore payoff strategies with extra payments

Overview

The Loan Amortization Calculator helps you understand how loans are paid off over time. See exactly how much of each payment goes to principal versus interest, explore the impact of extra payments, and calculate the true cost of borrowing.

Tips

1. Review the amortization schedule: Early payments are mostly interest - understanding this breakdown helps you see why extra payments make such a big impact
2. Model extra payments: Even small additional amounts ($50-100/month) can save thousands in interest and years off your loan term
3. Compare loan terms: Use the calculator to see how 15-year vs. 30-year mortgages affect both monthly payments and total interest paid
4. Check for prepayment penalties: Before making extra payments, verify your loan doesn’t charge fees for early payoff
5. Consider opportunity cost: If your loan rate is low (under 4%), compare the interest savings from extra payments to potential investment returns