Calculate your monthly payment for fixed rate loans. You can also add additional payments to accelerate your amortization schedule.
*To apply custom additional principal
payments click the '(+) Add' text
for any month(s) on the amortization
schedule to right.
Amortization refers to gradually repaying debt through regular and equal payments. Each payment comprises two components: one portion is allocated to reduce the loan principal, while the other covers the interest accrued. Initially, the share allocated to the principal is minor, but it progressively increases with each passing month. By examining an amortization schedule, you can track the evolving proportions of principal and interest payments throughout the loan's duration. Utilize this calculator to input your loan specifics and visualize the distribution of these payments over the loan's lifespan.