Amortization Calculator

Enter principal, rate, term, and how often you pay. Extra principal is optional. Estimates, not a loan offer.

Smart Tips

• The scheduled payment is the level payment that amortizes the principal over the full term.

• Extra principal is applied after interest and can finish the loan before the term ends.

• Bi-weekly here is 26 full payments a year, not half of the monthly payment paid every two weeks.

• The last payment may differ by a few cents because each period is rounded to the cent.

The Formula

Payment = P × r(1+r)^n / ((1+r)^n − 1)

P= Principal
Amount borrowed

r= Periodic rate
Annual rate ÷ payments per year

n= Payments
Years × payments per year

Extra= Added principal
Paid on top of the scheduled payment

At 0% interest the payment is principal ÷ n. Interest this period is the balance × r, rounded to the cent. Principal is the payment minus that interest. The final period pays whatever balance and interest remain.

Key Insights

Full schedule

Every period splits the payment into interest and principal and carries the balance forward.

Extra is a mode

Type an extra principal amount on this page. It does not open a second calculator.

Any fixed loan

Use it for a personal loan, a student loan, or a mortgage note. Taxes and insurance are not added.

Cent rounding

The contractual payment is rounded to the cent, and the last payment clears the remaining balance.

Frequently Asked Questions

It shows the scheduled payment, then interest, principal, and the remaining balance for every period. Optional extra principal is added to that payment and can shorten the term.

Payment = principal × r(1+r)^n / ((1+r)^n − 1). r is the annual rate divided by the number of payments per year, and n is the number of payments. At 0% interest the payment is principal divided by n.

Monthly, bi-weekly, weekly, quarterly, semi-annual, and annual each use a full payment. The periodic rate is the annual rate divided by that count. Bi-weekly means 26 payments a year, not half of a monthly payment.

Each period, the extra amount is added after interest is charged. It reduces principal. If the extra amount pays the balance off, later periods are not charged. The last period collects only the remaining balance plus that period’s interest.

The scheduled payment is rounded to the nearest cent. Interest each period is the balance times the periodic rate, also rounded to the cent. The final payment is the remaining balance plus that period’s interest, so it can be a few cents higher or lower.

The standard amortization formula printed above. Interest this period is balance × periodic rate. Principal is the payment minus that interest. No outside rate feed or fee table is used. Source: CFPB amortization schedule explainer: https://www.consumerfinance.gov/ask-cfpb/what-is-an-amortization-schedule-and-what-can-i-learn-from-it-en-2023/.

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Payment

Enter values to calculate

Total interest

Total paid

Payoff

Scheduled payment

Note:Figures use ordinary amortization and cent rounding. They are estimates, not a loan offer or an amortization statement from a lender.