Amortization Calculator

See how each payment shifts from interest to principal and how extra payments change payoff.

Payoff time

23 yr 3 mo

81 months saved.

Scheduled payment$1,799

Payment with extra$1,999

First-month interest$1,500

First-month principal$499

Balance after 5 years$265,209

Total interest$256,341

Interest saved$91,173

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Planning guide

Read the complete guide →

Understand this estimate before using it

Quick answer

What does the Amortization Calculator do?

Track principal, interest, balances, payoff, and extra-payment savings. It applies periodic interest to the outstanding balance and allocates each payment between interest and principal, including entered extra payments.

Formula and calculation method

It applies periodic interest to the outstanding balance and allocates each payment between interest and principal, including entered extra payments.

The result is only as reliable as the inputs. Use current balances, rates, fees, dates, and documents; then change uncertain assumptions to see whether the conclusion remains stable.

How to interpret the result

Treat the output as a comparison or planning range, not a quote, approval, eligibility decision, tax return, or prediction. Review the breakdown—not only its headline number—and read every stated exclusion.

For current background, review CFPB consumer credit resources. Product documents and official program tools control when they differ from this educational model.

Worked scenario

Put the result in context

For a $20,000 balance, compare the same rate and fee assumptions across terms. A longer term may reduce the required payment while increasing interest and leaving a larger balance at any earlier comparison date.

This scenario illustrates the method; it is not a quote, forecast, recommendation, or substitute for entering your actual facts.

Before you calculate

Gather current information before changing the defaults. A result based on verified records is more useful than a precise answer built from guesses.

loan amount, rate and term

Check the date, unit, and source of this input before entering it.

any extra monthly payment

Check the date, unit, and source of this input before entering it.

the year you want the balance for

Check the date, unit, and source of this input before entering it.

escrow and fees, which are not modeled

Check the date, unit, and source of this input before entering it.

What the result can answer

It can show how the entered assumptions interact, provide a consistent comparison, and reveal whether changing one important input materially changes the estimate.

What the result cannot decide

It cannot confirm approval, eligibility, market pricing, future performance, legal or tax treatment, contract quality, or whether the choice fits every part of your finances.

A practical next-step workflow

01 · Verify
Compare the inputs with current statements, quotes, official rules, and product documents.
02 · Stress-test
Run a second case with a less favorable value for escrow and fees, which are not modeled.
03 · Confirm
Check the schedule against your lender's statement, and confirm extra payments are applied to principal rather than held for the next instalment before acting.

Frequently asked questions

What makes a refinance worthwhile?

A refinance may help when interest and payment savings exceed fees within the time you expect to keep the new loan.

Can the calculator reproduce a lender disclosure?

Not necessarily. Timing, fee treatment, day-count conventions, and product-specific rules can change disclosed figures.

What can make this estimate differ from an actual result?

Timing, rounding, rate changes, fees, taxes, eligibility rules, product conventions, and facts not requested by this focused calculator can all create differences.

Which inputs deserve a second scenario?

Retest any input that is quoted rather than fixed, depends on future behavior, or materially changes the result. Conservative and optimistic cases reveal more than false precision.

What should I verify before making a decision?

Verify current statements, disclosures, official rules, taxes, fees, cancellation or prepayment terms, and the consequences of a less favorable outcome.

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Prepared by Loan Lyze Editorial and reviewed under the Loan Lyze editorial framework on November 8, 2026. Educational estimate only. See our methodology, editorial policy, and corrections policy.

Amortization Calculator

Analyze principal and interest