Estimate your monthly payment, total interest, and full amortization schedule for any loan or mortgage.
| Month | Payment | Principal | Interest | Balance |
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Most loans and mortgages use a fixed monthly payment calculated so the loan is fully paid off by the end of the term. Early in the loan, most of each payment goes toward interest; later on, more goes toward principal — this is why paying off a mortgage feels slow at first even though the payment never changes.
Adding even a small extra amount to your monthly payment goes entirely toward principal, which reduces the interest charged on all future payments — this can meaningfully shorten a loan term and reduce total interest paid, which is why the extra payment field in this calculator recalculates the full payoff timeline.
Banks often include escrowed items like property tax and insurance in the quoted "payment," and may round differently — this calculator shows the pure principal-and-interest payment only.
Yes — because interest is calculated on the remaining balance, extra principal payments reduce every future interest charge, which compounds significantly over a long loan term.
The calculator switches to simple even division of the loan amount across the term, since the standard amortization formula requires a non-zero rate.