Loan Amortization Calculator & Schedule (Extra Payments)
Taking out a mortgage or business loan is a 30-year commitment. But do you know exactly how much of your monthly payment goes toward Interest vs. Principal?
Pixedra’s Amortization Schedule Generator breaks down your loan month-by-month. The real power lies in the 'Extra Payments' feature. See instantly how adding just $50 a month or a one-time lump sum can shave years off your loan and save you thousands of dollars in interest.
How to Create Your Repayment Schedule
- Enter Loan Details: Input your Loan Amount, Interest Rate, and Tenure (Years).
- Add Extra Payments (Optional):
- Monthly: Add a recurring amount (e.g., $100/month) to pay off debt faster.
- One-Time: Add lump sums (e.g., tax refund or bonus) on specific dates.
- Calculate: Click the button to generate the full audit trail.
- Download: Export the table to CSV/Excel for your personal finance records.
Understanding Amortization
Amortization is the process of paying off a debt over time through regular payments.
- Early Years: Most of your payment goes toward Interest. (See your schedule: In Month 1, nearly $2,100 is interest!).
- Later Years: As the principal balance drops, more of your payment goes toward paying off the Principal.
- The Trick: Making Extra Payments goes 100% toward the Principal, which drastically reduces future interest calculations.