Loan Amortization Calculator - Schedule and Extra Payments

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What is a Loan Amortization Calculator?

A loan amortization calculator shows how a loan is paid off over time. You enter how much you borrow, the yearly interest rate and the number of months or years, and it works out your fixed monthly payment. It then builds a schedule that splits every payment into the part that pays interest and the part that reduces the loan, and shows the balance that is left after each payment.

This tool works with any currency and any country, as long as your loan has a fixed interest rate and equal monthly payments, which is common for car loans, personal loans and many other instalment loans. You can also add an extra monthly payment and see how it shortens the loan and cuts the interest.

How to Use the Loan Amortization Calculator

1. Choose your currency symbol: USD, EUR, GBP or INR.
2. Enter the loan amount.
3. Enter the yearly interest rate in percent.
4. Enter the loan term and choose whether it is in months or in years.
5. If you want to pay more than the required amount each month, enter an extra monthly payment. This is optional.
6. Click Calculate.
7. Read the monthly payment, total interest and total payment, look at the pie chart and scroll through the schedule table.
8. Use the year filter to see one year at a time, or download the schedule as a CSV file or print it.

Try the same loan with and without an extra payment, and with different terms, to see what changes.

What You See on the Page

Item	Meaning
Monthly Payment	The fixed amount you pay each month, covering principal and interest
Total Interest	All the interest you pay over the life of the loan
Total Payment	Everything you pay back: the loan amount plus the total interest
Extra Monthly Payment	An optional amount added to the principal each month, which shortens the loan and reduces interest
Pie chart	The share of the total payment that is principal and the share that is interest
Schedule table	One row per month with principal paid, interest paid and remaining balance
Year filter	Shows only the rows of one year, for example Year 1 or Year 5
CSV download and Print	Save the schedule as a spreadsheet file or print it
Currency selector	Changes the currency symbol only. It does not convert amounts

The Loan Payment Formula

The calculator uses the standard formula for a loan that is repaid in equal monthly payments, with interest charged each month on the balance that is still owed:

M = P x [ r (1 + r)^n ] / [ (1 + r)^n - 1 ]

M = monthly payment
P = loan amount (principal)
r = monthly interest rate (yearly rate / 12 / 100)
n = number of monthly payments (months, or years x 12)

If the interest rate is 0 percent, the monthly payment is simply the loan amount divided by the number of months.

Each month the schedule works like this:

Interest paid   = remaining balance x r
Principal paid  = payment - interest paid
New balance     = remaining balance - principal paid

Loan Amortization Examples

These examples are for illustration only. The rates are made up and are not market rates, and the same math works in any currency.

Example 1: 20,000 loan, 6% interest, 60 months (5 years)

Result	Amount (rounded)
Monthly Payment	386.66
Total Payment (60 payments)	about 23,199
Total Interest	about 3,199
Principal share of the total payment	about 86.2%
Interest share of the total payment	about 13.8%

The first two rows of its schedule

Month	Principal Paid	Interest Paid	Remaining Balance
1	286.66	100.00	19,713.34
2	288.09	98.57	19,425.25

In month 1, the interest is 20,000 x 6% / 12 = 100.00, so only 286.66 of the 386.66 payment reduces the loan. Because the balance goes down, the interest part gets a little smaller each month and the principal part a little bigger, until the balance reaches zero.

Example 1 with an extra monthly payment of 100

Now the same loan with 100 extra every month, which means 486.66 is paid each month:

Result	Without extra payment	With 100 extra
Months to pay off	60	47 (the last payment is smaller, about 58)
Total Interest	about 3,199	about 2,444
Total Payment	about 23,199	about 22,444
Interest share of the total payment	about 13.8%	about 10.9%
Saved	-	about 755 in interest and 13 months

Month (with 100 extra)	Principal Paid	Interest Paid	Remaining Balance
1	386.66	100.00	19,613.34
2	388.59	98.07	19,224.75

The extra amount goes entirely to the principal, so the balance falls faster and each later month has less interest.

Example 2: 10,000 personal loan, 8% interest, 36 months (3 years)

Result	Amount (rounded)
Monthly Payment	313.36
Total Payment (36 payments)	about 11,281
Total Interest	about 1,281

How the Extra Monthly Payment Works

1. You pay the regular monthly payment plus your extra amount every month.
2. The interest for the month is worked out first, on the balance you still owe.
3. Everything above the interest goes to the principal, including your extra amount.
4. A lower balance means less interest next month, so even more of your payment goes to principal.
5. The loan reaches zero before the original end date, and the final payment is smaller than the others.

The monthly payment itself does not get smaller. Instead, the loan ends sooner. The earlier you start paying extra, the more interest you save, because the balance is highest at the beginning.

Before you pay extra

• Check that extra money goes to the principal. Some lenders apply it to future instalments unless you tell them to reduce the principal.
• Check for early repayment fees. Some loans charge a fee if you pay more than the required amount or repay early.
• Keep an emergency fund. Do not use all your spare cash for the loan if you have nothing saved for emergencies.
• Compare with other goals. If another debt has a higher interest rate, it may make more sense to pay that one first.

Car, Personal and Student Loans

The calculation is the same for any fixed-rate instalment loan, but real loans can have extra features. Check these with your lender.

Loan type	What to check in real life
Car loan	Fees, insurance requirements, whether interest is worked out daily, and any fee for early repayment
Personal loan	Processing or origination fees, early repayment charges, and whether the rate is fixed for the whole term
Student loan	A grace period or deferment during which interest may build up, repayment plans linked to income, and any rules specific to your country or lender

This calculator does not include fees, insurance, grace periods, deferment or income-linked plans. For loans with those features, use the result only as a rough guide and ask your lender for exact figures.

Reading the Pie Chart

• Principal slice: The money you borrowed. You get it back to the lender in full.
• Interest slice: The cost of borrowing. A bigger slice means the loan is more expensive.
• What makes the interest slice bigger: A higher interest rate or a longer term.
• What makes it smaller: A lower rate, a shorter term or an extra monthly payment.

The Schedule Table: Year Filter, CSV and Print

• Year filter: A 5 year loan has 60 rows. Choose Year 1, Year 2 and so on to see 12 rows at a time, or choose all rows.
• CSV download: Saves the schedule as a file that opens in Excel, Google Sheets and similar programs, so you can sort it, add notes or share it.
• Print: Prints the schedule so that you can keep a paper copy.
• Month number: Month 1 is your first payment. With an extra payment, the table ends earlier than the original term.

Currency Selector

You can show your results with the symbol for US dollars ($), euros (€), British pounds (£) or Indian rupees (₹). The selector changes only the symbol. It does not convert amounts or use exchange rates, so enter the loan amount in the currency of your loan. If you need to convert between currencies, use a currency converter.

How the Loan Term Changes Your Cost

Shorter term	Longer term
Higher monthly payment	Lower monthly payment
Less total interest	More total interest
Debt-free sooner	Debt lasts longer
Needs more room in your monthly budget	Easier on the monthly budget, but costs more in total

Compare two or three terms, with and without an extra payment, before you decide. Look at both the monthly payment and the total interest.

Tips for Using the Calculator

• Compare total interest, not only the monthly payment. A low monthly payment on a long term can cost much more overall.
• Test small extra amounts. Even a modest extra payment can save months and a noticeable amount of interest.
• Enter the yearly rate, not the monthly rate.
• Use the interest rate from your loan offer, not an average, because your rate depends on your situation.
• Add the fees yourself. Fees and insurance are not part of the result, so keep them in mind when you compare loans.
• Download the CSV to keep a record and compare it with your lender's statements.
• Ask your lender for the exact figures before you sign.

Common Mistakes

• Entering the monthly rate as the yearly rate: A 0.5 percent monthly rate is 6 percent per year, so enter 6.
• Mixing up months and years: Check the toggle. 5 years is 60 months.
• Looking only at the monthly payment: Look at the total interest as well.
• Assuming the lender will apply extra money to principal: Check with your lender.
• Expecting the monthly payment to fall after extra payments: The payment stays the same and the loan ends sooner.
• Forgetting fees and insurance: They add to the real cost of the loan.
• Treating the currency selector as a converter: It changes only the symbol.
• Expecting an exact match with your lender: This is an estimate with one fixed rate and monthly interest.

Good to Know

• The calculator assumes one fixed interest rate for the whole loan. If your rate can change, your real payments will change as well.
• Interest is worked out once a month on the remaining balance. Some lenders use daily interest, and their figures can differ.
• Payments are assumed to be made monthly and on time. Late payments, missed payments and payment holidays are not included.
• Fees, insurance, taxes and penalties are not included in the results.

Privacy and Accuracy

• The calculation is done in your browser, and the numbers you enter are not sent to our server.
• We do not save your loan details or results. A CSV file is created on your own device when you click download.
• The results are estimates based on a standard formula, and a real lender's figures can be different.
• These results are estimates and not financial advice. We are not a lender, a broker or a financial adviser. For advice on your own situation, speak to your lender or a qualified financial adviser.

Frequently Asked Questions

What is loan amortization?

Loan amortization means paying off a loan in regular equal instalments over a fixed term. Each payment covers the interest charged since the last payment and the rest reduces the amount you owe, which is called the principal. At the end of the term the balance reaches zero.

How do I use this loan amortization calculator?

Enter the loan amount, the yearly interest rate and the loan term in months or years. If you plan to pay extra each month, enter that amount too. Then click Calculate to see your monthly payment, total interest and total payment, along with the full schedule and a pie chart.

What is an amortization schedule?

An amortization schedule is a table with one row for every payment. For each month it shows how much of the payment went to principal, how much went to interest and what balance remains. In the early months most of the payment is interest, and over time more of it goes to principal.

How does an extra monthly payment help?

An extra payment goes straight to the principal, so the balance falls faster and less interest is charged in later months. The loan then ends sooner and you pay less interest in total. The calculator updates the schedule and the results when you enter an extra amount, so you can see how many months and how much interest you save.

Will my lender apply my extra payments to the principal?

Not always automatically. Some lenders apply extra money to the principal only if you ask them to, and some loans charge a fee for paying early. Check your loan agreement or ask your lender before you start paying extra.

What do the monthly payment, total interest and total payment mean?

The monthly payment is the fixed amount you pay each month. Total interest is all the interest you pay over the life of the loan. Total payment is everything you pay back, which is the loan amount plus the total interest. Fees and insurance are not included.

What does the pie chart show?

The pie chart compares the principal, which is the money you borrowed, with the total interest. It shows at a glance how much of your total payment is the cost of borrowing. With an extra monthly payment, the interest slice becomes smaller.

Can I use this for car loans, personal loans and student loans?

Yes, for loans that have a fixed interest rate and equal monthly payments, such as many car and personal loans. Student loans are often different in real life, for example with a grace period or deferment during which interest may build up, or with repayment plans linked to income. The calculator does not include these features, so treat the result as a simple estimate.

Does the currency selector convert my amount?

No. The selector only changes the currency symbol used to show the results. It does not convert one currency into another. The calculation is the same for any currency, so enter the amount in the currency of your loan.

How do I download the schedule as a CSV file?

After you calculate, click the CSV download button to save the schedule as a file that you can open in a spreadsheet program such as Excel or Google Sheets. You can also print the schedule from the print button.

How do I see only one year of the schedule?

Use the year filter above the table. Choose a year, for example Year 1 or Year 5, to see only the payments of that year, which are 12 rows per year. Choose all to see the full schedule again.

Can I enter the term in years or months?

Yes. You can enter the loan term in months or in years. A 5 year loan is the same as a 60 month loan.

How accurate is the result compared with my lender?

It is an estimate. The calculator assumes one fixed interest rate, equal monthly payments and interest worked out once a month. Some lenders calculate interest daily, use a different way of counting days, round differently, add fees or insurance or change the rate during the loan, so your lender's figures can differ a little or a lot. Always check the exact figures with your lender.

Is my information sent to a server?

No. The calculation is done in your browser using JavaScript, and the numbers you enter are not sent to our server.

Is this calculator free, and is it financial advice?

The tool is free and needs no signup. It gives estimates only and is not financial advice. We are not a lender, a broker or a financial adviser.