Loan Amortization Calculator
Calculate loan payments and amortization schedule
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What is Loan Amortization Calculator?
The Loan Amortization Calculator is a free online tool that turns a loan into a clear period-by-period repayment plan. You enter the loan amount, annual interest rate, term in years, and a start date, then choose how often you pay — monthly, bi-weekly, or weekly — and the tool calculates your fixed payment, the total of all payments, and the total interest over the life of the loan. You can add an optional extra payment to every instalment and instantly see the interest saved and how many years sooner the loan is paid off, and a currency selector displays results in USD, EUR, GBP, AED, SAR and more. The tool builds a full amortization schedule showing, for every payment, how much goes toward principal versus interest and the remaining balance, plus a summary with the total paid, number of payments, and projected payoff date. A chart visualizes the falling balance, and you can download the schedule. Everything runs instantly in your browser with no signup.
How to use Loan Amortization Calculator?
Building a repayment plan takes only a few seconds:
- 1 Enter the loan amount you are borrowing — for example a mortgage, car loan, or personal loan principal.
- 2 Set the annual interest rate as a percentage and the loan term in years, then choose the payment frequency (monthly, bi-weekly, or weekly) and pick a start date so each payment in the schedule is dated correctly.
- 3 Optionally add an extra payment per period and pick your currency — the savings summary then shows the interest saved and the time cut from the loan.
- 4 Read the summary: the fixed payment, the total paid, the total interest, the number of payments, and the payoff date all update instantly as you change any input.
- 5 Review the full amortization schedule to see how each payment splits between principal and interest and watch the balance fall to zero, then download it for your records.
Why use this tool?
A payment figure alone hides how much of a loan is actually interest. An amortization schedule makes the true cost visible: early payments are mostly interest, while later payments chip away at the principal. Seeing the total interest next to the amount borrowed helps you judge whether a rate or term is reasonable, and comparing terms shows the trade-off between a lower payment and a higher lifetime cost. Switching the frequency to bi-weekly or weekly, or adding even a small extra payment, can shorten the term and cut the total interest noticeably — the savings summary quantifies both at a glance. Because the calculation runs locally in your browser, your figures stay private and you can compare scenarios freely.
Examples
A $200,000 loan at 5.5% over 30 years produces a monthly payment of about $1,135.58 and roughly $208,808 in total interest across the full term.
On a $200,000 loan at 6% over 30 years, adding $200 to every monthly payment saves about $79,800 in interest and pays the loan off roughly 9 years early.
Switch the frequency from monthly to bi-weekly to split each payment in half and pay 26 times a year, retiring the principal faster and trimming total interest.
Switch the term from 30 years to 15 years to see the payment rise but the total interest drop sharply, illustrating the cost of a longer loan.
Frequently Asked Questions
Is the Loan Amortization Calculator free?
Yes. It is completely free, with no signup, no limits, and no account required. You can calculate as many loans as you like.
What is loan amortization?
Amortization is the process of paying off a loan with regular, equal payments. Each payment covers the interest due for the period and reduces the principal, so the balance falls steadily to zero by the end of the term.
How does an extra payment save money?
An extra amount added to each payment goes entirely toward the principal. A smaller balance accrues less interest every period, so the loan is repaid sooner and the total interest falls. The savings summary shows exactly how much interest you save and how much sooner the loan is paid off.
Does paying bi-weekly or weekly really help?
Yes. Paying more frequently reduces the balance sooner between interest charges, and the equivalent of an extra payment per year often results, shortening the term and lowering total interest compared with monthly payments.
Can I change the currency?
Yes. A currency selector lets you display all figures in USD, EUR, GBP, AED, SAR, JPY, INR or TRY. It changes the symbol only; the math is identical regardless of currency.
Can I download the amortization schedule?
Yes. The full period-by-period schedule can be downloaded so you can keep a record or review it offline.
Does it account for extra fees or taxes?
No. The calculator models principal and interest only. Property taxes, insurance, origination fees, and other charges are not included in the payment.
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