Loading...
Calculate your loan amortization schedule with detailed payment breakdown. See how extra payments can save thousands in interest and reduce your loan term by years.
| Frequency | Payment Amount | Total Payments | Total Interest | Interest Saved | Time Saved |
|---|---|---|---|---|---|
| monthly (Current) | $1,580 | 360 | $318,861 | $-0 | -1y |
| biweekly | $729 | 780 | $318,593 | $268 | 0y |
| weekly | $364 | 1560 | $318,478 | $383 | 0y |
Get complete payment schedule in seconds
See principal, interest, and balance for each payment
Calculate savings from additional payments
Compare monthly, biweekly, and weekly payments
Input the total amount you're borrowing (principal).
Enter the annual interest rate for your loan.
Select the loan duration (typically 15 or 30 years).
Include additional payments to see how much you can save.
The portion of your payment that reduces the loan balance. This increases over time.
The cost of borrowing money. This decreases over time as your balance reduces.
The remaining loan amount after each payment. Decreases steadily to zero.
Our calculator uses the standard amortization formula to calculate your payment:
M = Monthly payment amount
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (loan term × 12)
Example: For a $250,000 loan at 6.5% interest over 30 years:
Monthly payment = $1,580.17 (principal & interest)
Total interest paid = $318,861.20
Source: This formula is the industry standard used by financial institutions, as documented by the Consumer Financial Protection Bureau.
Extra payments in the early years have the biggest impact on reducing total interest paid.
Switching to biweekly payments can save years off your loan term without much extra effort.
Check your amortization schedule yearly to track progress and adjust your payment strategy.
Our amortization calculator uses industry-standard formulas and is designed to provide accurate estimates. For more information about loan amortization and financial planning, consult these authoritative sources:
Official government resource for loan information and consumer protection
Comprehensive guide to understanding loan amortization
Educational content about loan amortization and payment strategies
Mortgage market information and homebuyer resources
Home mortgage interest deduction information
Our amortization calculator uses the standard amortization formula employed by financial institutions worldwide. The calculations are based on compound interest principles and follow guidelines established by theConsumer Financial Protection Bureau (CFPB)and Federal Housing Finance Agency (FHFA). All formulas are regularly audited for accuracy.
Our financial tools team continuously monitors lending industry changes, interest rate trends, and regulatory updates. This calculator was last reviewed and updated on December 20, 2024. We verify calculations against multiple authoritative sources including major banks, credit unions, and government agencies.
CalcFinex is a financial calculator platform dedicated to providing accurate, free tools for personal finance decisions. Our team includes financial analysts and software engineers who ensure our calculators meet industry standards and provide reliable calculations for loan planning and debt management.
All calculations are performed locally in your browser using client-side JavaScript. We do not store, transmit, or share your financial information with any third parties. Your data remains completely private and secure. No registration or personal information is required to use this tool.
This calculator provides estimates for educational and informational purposes only. Actual loan terms, rates, and payments may vary based on your credit profile, lender requirements, and current market conditions. Always consult with a licensed financial advisor, loan officer, or certified financial planner for personalized advice. CalcFinex is not a lender, financial advisor, or broker and does not provide financial, legal, or tax advice.
Clean, intuitive design that makes complex calculations simple
Perfect experience on mobile, tablet, and desktop devices
Multiple payment frequencies, extra payments, and one-time payments
Interactive charts showing balance, principal vs interest over time
View amortization by year for easier long-term planning
Instant calculations with real-time updates as you adjust values
Get started with our free amortization calculator and see exactly how your loan will be paid off.
Calculate Now →