Looking for a amortization schedule calculator with extra payments? This free tool gives you see how extra monthly payments cut interest and shorten your loan. Just enter your numbers and press Calculate — results are instant.
An amortization schedule is the month-by-month plan of a loan: every payment is split into interest (the balance times the monthly rate) and principal (whatever is left of the payment). Extra payments go straight to principal, which lowers the balance, which lowers the next month's interest — so a small extra payment every month can cut years off a loan. Enter the loan, the term, the rate and an extra monthly amount to see exactly how many months and how much interest you save.
Example: Loan $250,000 · Term 30 years · Rate 6% · Extra payment $100 per month
Interest Saved by Extra Payments: $51,572.44
Straight to the principal. It does not pay future interest in advance — it reduces the balance today, so every later month's interest is smaller. That is why extra payments are so powerful.
Compare the loan's rate with the return you expect from investing, after tax and risk. Paying down a 6% loan is a certain 6% return; investing might earn more, but it might earn less. Many people do a bit of both.
Yes, and it helps: 26 half-payments a year add up to 13 monthly payments instead of 12, which is like making one extra monthly payment a year. Enter that extra amount here to see the saving.