About the Amortization Calculator
An amortization schedule shows how each repayment is split between interest and principal, and how your balance falls over time. Add an extra monthly repayment to see exactly how much interest you save and how many months you cut from the loan.
How to use it
- Enter the loan amount, interest rate and term.
- Optionally add an extra monthly repayment.
- Switch between monthly and yearly views of the schedule.
Formula & method
Interestₖ = Balanceₖ₋₁ × r
Principalₖ = Payment − Interestₖ (+ extra)
Balanceₖ = Balanceₖ₋₁ − PrincipalₖFrequently asked questions
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance drops, more of each payment goes to principal.
Results are estimates for general information only and are not financial, tax, legal or medical advice. Please confirm important decisions with a qualified professional.