Amortization calculator
Every payment, split between interest and principal, with the balance after each one. Add extra principal to see the payoff date move.
The loan
Amounts in USD. Nothing is sent anywhere, the schedule is computed in this browser.
Prepayment (optional)
Extra money is applied to principal, so the monthly payment stays the same and the loan ends earlier.
Amortization schedule
-| # | Date | Payment | Interest | Principal | Balance |
|---|
How this is calculated
The monthly payment is the standard level-payment (annuity) formula: P = L · i · (1+i)n / ((1+i)n − 1), where L is the amount borrowed, i the monthly rate and n the number of payments. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal.
Prepayment keeps the payment unchanged and puts the extra against the balance before the next month's interest, which is why paying extra shortens the term instead of lowering the payment. Insurance, taxes, escrow, PMI and fees are not included.
Illustrative arithmetic only, not a loan offer, quote or financial advice. Your lender's schedule will differ if it uses a different day-count convention, rounding, origination date or escrow treatment. Verify any figure against the loan documents before relying on it.