Tools · Calculators · Finance Last update: Nov 7, 2026

Amortization Calculator

See how every payment splits into principal and interest — and how much extra payments save you.

Payments
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Extra payments
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Principal and interest by year
Amortization schedule

What an amortization schedule shows

For every payment the schedule lists the interest (balance × monthly rate), the principal (payment − interest) and the remaining balance. Early payments are mostly interest; later ones are mostly principal.

Extra payments

Add an extra amount every month, once a year or a single lump sum. Every extra dollar goes straight to the principal, so less interest builds up afterwards.

Example: a $300,000 loan at 6.5% for 30 years costs $1,896.20 a month. Paying $200 extra every month pays it off in 277 months instead of 360 — 6 years 11 months sooner — and saves $103,449 of interest.

Shorter term or lower payment

Choose Pay off sooner to keep the payment and finish early, or Lower the payment to keep the end date and reduce each payment after every extra amount. Paying off sooner saves more interest.

Frequently asked questions

How much do extra payments save?

On a $300,000 loan at 6.5% for 30 years, $200 extra a month saves about $103,000 of interest and almost 7 years.

Is it better to shorten the term or lower the payment?

Shortening the term saves more interest; lowering the payment gives you more room in your monthly budget.