Tools
Amortization Schedule
Solve for the payment, loan amount, rate or number of payments, then see every payment, the payoff date and what extra principal saves.
How this schedule works
The level payment is P · r / (1 − (1 + r)−n), where P is the loan, r is the annual rate divided by 12 and n is the number of payments. Every month the interest is the opening balance times r, rounded to the cent, and the rest of the payment reduces principal. The last payment clears whatever is left, which absorbs a few cents of rounding.
Extra principal is applied in the month it is paid, so later interest falls. The summary compares the schedule with the same loan and no extra payments to show the interest saved. A balloon is the remaining balance due with the payment number you choose; the schedule stops there. When you solve for the rate, the answer is found numerically and shown to four decimal places. When you solve for the number of payments, the count is rounded up to a whole payment and the final payment is smaller.