$200,000 at 6% with $100.00 extra/mo
- Scheduled payment
- $1,199.10
- Monthly paid
- $1,299.10
- Interest saved
- $49,138.41
- Months saved
- 65 months
Amortization Calculator
Use this free amortization calculator to estimate scheduled payment, payoff time, total interest, and savings from extra monthly payments.
Formula steps Estimate limits shown Examples included Private history
Formula steps
- Calculate the scheduled fixed monthly payment.
- Add the extra monthly payment to the scheduled payment.
- Simulate monthly interest and principal reduction until the balance reaches zero.
- Compare total interest and payoff time with the original schedule.
How to use the amortization calculator
- Enter the requested dollar amounts, rates, terms, tax settings, or contribution details.
- Use rates as percentages, such as 6.5 for 6.5%, and check whether a field asks for a monthly or annual amount.
- Press the calculate button to see the answer, supporting metrics, and formula steps.
- Use the result as a planning estimate only, then copy it if the assumptions look right.
Common uses
Estimate how a loan balance pays down over time.
Compare scheduled payoff with extra monthly payments.
Estimate interest saved by paying more than the required amount.
Understand how monthly interest affects principal reduction.
Examples
Payoff time and interest saved
Scheduled payoff estimate
Faster payoff, lower interest
Frequently asked questions
Quick answers about formulas, rates, payment assumptions, estimate limits, examples, and private in-browser history.
What can I use the Amortization Calculator for?
Use it for quick planning, comparison, and what-if estimates before you check exact numbers with a lender, tax professional, payroll provider, or financial adviser.
How does the Amortization Calculator calculate the result?
The calculator starts with the scheduled amortized payment, then simulates monthly interest and principal reduction with any extra payment you enter.
Is this financial, tax, or legal advice?
This calculator gives an educational estimate only. It does not include every fee, lender rule, tax rule, local rate, credit, penalty, or personal financial detail.
Are my finance inputs private?
Yes. The calculator runs in your browser tab. Recent answers stay only on the page while you use it and are not sent to a server.