Amortization Calculator (with Extra Payments)

Enter a loan and an optional extra monthly payment to see the payment, the total interest, the payoff date and the interest and time you…

Result

Regular monthly payment

1,580.17

Total interest (no extra): 318,861.22
Total interest (with extra): 221,243.10
Interest saved: 97,618.12
Paid off after: 22 years 1 months
Time saved: 7 years 11 months

Principal and interest only. Fees, insurance and taxes are not included, and a lender's schedule may differ slightly.

Year by year (with the extra payment)
Year	Principal paid	Interest paid	Balance left
1	5,267.12	16,094.92	244,732.88
2	5,619.87	15,742.17	239,113.01
3	5,996.24	15,365.80	233,116.77
4	6,397.82	14,964.22	226,718.95
5	6,826.30	14,535.74	219,892.65
6	7,283.47	14,078.58	212,609.18
7	7,771.25	13,590.79	204,837.93
8	8,291.71	13,070.33	196,546.22
9	8,847.02	12,515.02	187,699.21
10	9,439.52	11,922.52	178,259.69
11	10,071.70	11,290.34	168,187.98
12	10,746.22	10,615.82	157,441.76
13	11,465.92	9,896.12	145,975.84
14	12,233.81	9,128.23	133,742.03
15	13,053.13	8,308.91	120,688.90
16	13,927.32	7,434.72	106,761.58
17	14,860.06	6,501.98	91,901.51
18	15,855.27	5,506.77	76,046.24
19	16,917.13	4,444.91	59,129.12
20	18,050.10	3,311.94	41,079.02
21	19,258.95	2,103.10	21,820.08
22	20,548.75	813.29	1,271.32
23	1,271.32	6.89	0.00

How to use Amortization Calculator (with Extra Payments)

Enter the loan amount, the yearly interest rate and the term in years.
Enter an extra amount you could pay each month, or 0.
Read the regular payment, the interest saved and the time saved by the extra payment.
Use the yearly table to see how the balance falls.

About this tool

Amortization means paying a loan off in regular instalments. Each month the interest is worked out on the balance that is left, and the rest of the payment reduces the balance. Early in a long loan most of each payment is interest, so the balance falls slowly at first.

An extra payment goes straight to the balance, so the next month's interest is lower and a bigger share of the following regular payment goes to principal. That is why even a modest extra amount can cut years from a long loan. This calculator compares the loan with and without your extra amount, so you can see the interest and the time you would save.

It assumes a fixed rate, monthly payments and no fees. Some lenders charge a penalty for paying early or apply extra payments in a different way, so check your loan terms. The result is an estimate and not an offer from a lender.

How it is calculated

Regular payment = P × r ÷ (1 − (1 + r)^−n), with r the monthly rate and n the number of months.

Each month: interest = balance × r. Principal paid = payment + extra − interest. The new balance is the old balance minus the principal paid.

Worked examples

A 250,000 loan at 6.5% over 30 years has a regular payment of 1,580.17 and costs 318,861.22 in interest.
Adding 200 a month pays it off in 22 years 1 months instead of 30 years and saves 97,618.12 in interest.

Tips for better results

Early extra payments save the most, because they cut interest for the longest time.
Check that your lender applies extra money to the principal and does not charge for early payment.
For a loan with another payment pattern, such as weekly, use the Loan Calculator.

Frequently asked questions

What is an amortization schedule?

A table showing, for each payment or year, how much goes to interest, how much to principal and what balance remains.

How do extra payments save money?

They lower the balance sooner, so less interest is charged in every later month.

Does this include fees, insurance or tax?

No. It covers principal and interest only.

Why is my lender's figure slightly different?

Lenders may round each payment or count days differently, so small differences are normal.

Are my numbers saved or sent anywhere?

No. The calculation runs in your browser on your own device. Nothing you type is sent to Paul Digital or any other server.

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Privacy

The calculation runs in your browser on your own device. The numbers you type are not sent to Paul Digital or any other server. Results are estimates from the numbers you enter and are not financial, tax or legal advice.