Repayment Calculator — Amortization Schedule & Extra Payment Savings
See the full amortization schedule for any loan with interactive year and month views. Add extra payments to see time and interest saved, then export to CSV.
Repayment Calculator
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| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,729.81 | $4,281.58 | $20,718.42 |
| 2 | $1,397.42 | $4,613.97 | $16,104.46 |
| 3 | $1,039.22 | $4,972.16 | $11,132.29 |
| 4 | $653.22 | $5,358.16 | $5,774.13 |
| 5 | $237.25 | $5,774.13 | — |
How Each Payment Is Split
Payment #1 — Month 1
total
Payment #49 — Month 49
total
Balance Over Time
The Formula
The monthly payment is calculated using the standard loan amortization formula. Each payment is split between interest charged on the remaining balance and principal repayment, with the proportion shifting over time. Early in the loan term, payments are mostly interest. Later, they become mostly principal. This is the fundamental mechanism of amortization, and understanding it helps you see why extra payments are so effective at reducing total interest.
Variable Definitions
Monthly Payment
The fixed amount paid each month toward principal and interest. This amount stays constant over the life of a standard amortizing loan.
Loan Amount & Duration
The principal (P) is the total borrowed; the term (n) is the duration in months. A 5-year $25,000 loan has P=$25,000 and n=60. Together these determine the payment and total interest cost.
Monthly Rate
Annual interest rate divided by 12. Even small differences in r compound dramatically over the life of a loan.
How to Use This Calculator
- 1
Enter the total loan amount (principal) and the annual interest rate (APR) from your lender.
- 2
Choose whether your loan term is in years or months, and optionally enter an extra monthly payment to see how much time and interest you can save.
- 3
Scroll down for the full amortization schedule showing every payment month by month.
Common Applications
- Calculate the monthly payment for any loan amount, interest rate, and term to see the full amortization schedule month by month.
- See how extra payments reduce your total loan cost and shorten the repayment period for mortgages, auto loans, or personal loans.
- Understand the true cost of borrowing by viewing how much of each payment goes toward interest versus principal over time.
Amortization means early payments are mostly interest; extra principal payments early on save the most interest
Understanding the Concept
Every loan payment is split between interest charged on the remaining balance and principal repayment. Early payments are mostly interest — later payments are mostly principal. This is called amortization. For example, on a $25,000 loan at 7% over 5 years, your first payment is about $145 interest and $350 principal. By the final payment, it is about $3 interest and $492 principal. Even small extra payments go directly to principal reduction, which means less interest accrues on future balances. The schedule below shows exactly how each payment is applied month by month, and the downloadable CSV lets you import the data into your own spreadsheet or financial planner. The "extra payment" feature shows you the dramatic impact of even modest additional amounts: $25 extra per month on that same loan saves over $1,000 in interest and shortens the term by months.
Frequently Asked Questions
Sources & References
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