See your complete payment schedule with detailed breakdown of principal, interest, and remaining balance for each payment
• Early payments are mostly interest
• Later payments are mostly principal
• Extra payments reduce total interest
• Shorter terms save more interest
• Use for refinancing decisions
Our free loan amortization calculator shows you exactly how each payment is split between principal and interest over the life of your loan. Understanding your amortization schedule helps you make informed decisions about extra payments, refinancing, and loan payoff strategies.
Loan amortization is the process of paying off a loan over time through regular payments. Each payment consists of two parts: interest (what you pay the lender for borrowing money) and principal (what reduces your loan balance). Early in the loan, most of your payment goes toward interest. Later in the loan, most goes toward principal.
Understanding your amortization schedule helps you develop strategies to pay off your loan faster and save on interest. Consider making extra payments, bi-weekly payments, or refinancing to a shorter term if your financial situation allows.
Use the amortization calculator to see how much interest you'll pay over the remaining term of your current loan. Compare this with the total cost of a new loan (including closing costs) to determine if refinancing makes financial sense.