What this calculator shows you
- Payment Schedule
- Month-by-month breakdown
- Principal vs Interest
- See where payments go
- Extra Payments
- Calculate accelerated payoff
- Total Interest
- Know your total cost
How Amortization Works
Early payments are mostly interest; later payments are mostly principal. This is why extra payments early in the loan save the most money—they reduce the principal that accumulates interest.
Questions people ask
Should I pay extra on my loan?
It depends on the interest rate and alternatives. Pay extra on high-rate debt (7%+). For low-rate debt (3-4%), investing the extra money might yield better returns. Always maintain an emergency fund first.
Education only, not personalized financial, tax or investment advice. Results are estimates based on the numbers you enter; real returns vary and losses happen.