Loan Amortization Calculator

Loan Amortization Calculator

Calculate a fixed principal-and-interest loan payment and show how an optional extra monthly payment changes payoff time and interest.

Method and assumptions

Figur calculates a fixed monthly principal-and-interest payment from the principal, APR, and term. Each month it accrues interest on the balance, applies the scheduled payment, then applies the extra payment to principal until payoff.

• APR is divided by 12, and the rate and scheduled payment remain constant.
• The extra monthly payment is applied to principal immediately after the scheduled payment.
• The payment includes principal and interest only; escrow, taxes, insurance, fees, penalties, and lender-specific rules are excluded.

Educational estimate, not financial advice. Confirm the schedule, extra-payment treatment, and actual cost with the lender before making decisions.

Sources and references

• CFPB: What is amortization?

Frequently asked questions