Home › Financial Calculators › Amortization Calculator
See how each loan payment splits between interest and principal, and how extra payments shorten the loan.
Formula used
Interest = Balance × monthly rate; Principal = Payment − Interest; New balance = Balance − Principal
Example
A $200,000 loan at 6% for 30 years has a $1,199.10 payment and $231,676 of total interest.
Frequently asked questions
What does amortization mean?
Paying off a loan gradually with regular payments that cover interest and principal.
Do extra payments help?
Yes. Extra payments go to principal, so you owe less interest and finish sooner.
Results are estimates for general information only and are not professional financial, medical or legal advice.
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