Amortization Calculator

Loan amount:
Number of Months:
Annual Interest Rate: (e.g. 4.5% = 4.5)
Extra Monthly Payment:
Payment # Amount Principal Interest Total Interest Balance


Amortization Calculator

Anyone planning to refinance a current loan or purchase a property should use an amortization calculator. It enables you to rapidly compute the monthly loan payments and displays an amortization plan, a graph that illustrates the gradual decline in your loan balance. This kind of calculator allows you to evaluate various interest rates and choose the one that best fits your budget, making it very useful for people who are thinking about getting an adjustable-rate mortgage, or ARM.

Amortization Calculator

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How Can You Create Your Own Amortization Schedule?

The basic premise of an amortization calculator is simple: You enter in information about your loan, such as the loan amount, the interest rate, the term (number of years) and any additional payments. Then the calculator will show you a table that breaks down each monthly payment over the life of the loan. This table will include the principal and interest portion of each payment as well as any extra payments that you make. The calculator will also provide a graph that illustrates how your loan balance decreases over time.

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Using an amortization calculator can be beneficial in a variety of situations. For example, if you are trying to decide between two loans with different terms, you can use an amortization calculator to compare them side-by-side. Or if you are considering making extra payments on your loan, the calculator can show you how much faster you could pay off your loan by making these payments.

  • When using an amortization calculator, be sure to pay attention to the "amortized balance" column, which will give you an accurate idea of how much of your monthly payment goes toward paying off your principal balance versus going toward interest. Knowing this information can help you determine which loan is best for you, based on how quickly you want to pay off your loan. 
  • When picking a loan and handling your debt, you may be sure that you're making the best choice by using an amortization calculator.