Amortization Calculator
About Amortization Calculator
The amortization calculator summarizes a fixed-rate loan after a chosen number of payments.
How to Use
The amortization calculator summarizes a fixed-rate loan after a chosen number of payments. Fill in Principal, Annual rate, Years, Payments made, and Extra payment, then review the calculated Monthly payment, Remaining balance, Principal paid, and Total interest.
- Open the calculator : Use Amortization Calculator from the Finance category.
- Check the inputs : Review the required values and any optional settings.
- Read the formula : Use the formula and notes below to understand how the result is produced.
Common Questions
What does the Amortization Calculator estimate?
Estimate payment, remaining balance, and principal paid for an amortized loan.
What can change the estimate?
This is an estimate, so taxes, fees, payment timing, compounding, and changing returns can move the result.
Inputs
- Principal
- Annual rate
- Years
- Payments made
- Extra payment
Outputs
- Monthly payment
- Remaining balance
- Principal paid
- Total interest
Formula
Remaining balance = loan balance after the selected number of monthly payments.