Loan Amortization Calculator
Calculate detailed amortization schedules, compare Amortized vs Flat methods, see extra payment savings. Yearly principal/interest chart, CSV export.
How to use
- 1Enter loan amount, annual interest rate, and loan term
- 2Choose repayment method: Amortized (fixed EMI) or Simple (fixed principal)
- 3(Optional) Set disbursement date and extra monthly payment
- 4View summary dashboard, chart, and detailed amortization schedule
- 5Filter schedule by year or download as CSV
Frequently Asked Questions — Loan Amortization Calculator
Amortized vs Simple (Flat) — Which should I choose?+
Amortized (Reducing Balance): fixed monthly payment, easier to budget. Simple (Flat Rate): lower total interest paid, but higher early payments. Choose Amortized for simplicity and stable income. Choose Simple if you can afford high early payments and want to minimize total interest.
Should I make extra payments on my loan?+
Extra payments can dramatically reduce total interest and loan term. For example, an extra $500/month on a $300,000 30-year mortgage at 6% could save over $100,000 in interest and cut 8+ years off the loan. Always check for prepayment penalties first.
How is the prepayment penalty calculated?+
Prepayment penalties are typically 1–3% of the outstanding balance, depending on your lender and contract. Many lenders waive this penalty after year 3–5. Read your loan agreement carefully before making extra payments.
What is the amortization formula?+
For Amortized loans: EMI = P × r(1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12), n = total number of months. This ensures equal monthly payments while gradually shifting the ratio from interest-heavy to principal-heavy.