How to Use the Loan Amortization Calculator

Our Loan Amortization Calculator is designed to be intuitive and comprehensive, helping you plan your loan repayment with ease. Follow these step-by-step instructions to use this Loan Amortization Calculator and get a clear picture of your monthly payments, total interest, and amortization schedule.

Step 1: Enter the Loan Details

• Loan Amount ($): Input the total amount you plan to borrow. For example, if you’re borrowing $200,000 for a mortgage, enter “200000”.
• Loan Term: Specify the duration of your loan in years and/or months. For example, enter “15” years and “0” months for a 15-year loan term.
• Interest Rate (%): Enter the annual interest rate offered by your lender. For example, if the rate is 6%, enter “6”.
• Start Date: Select the date when your loan begins. For example, choose “04/10/2025” to calculate your payoff date accurately.

Step 2: Add Extra Payments (Optional)

• Additional Amount to Monthly Payment ($): Input any extra amount you plan to pay each month. For example, enter “100” to add $100 to your monthly payment.
• Additional Yearly Payment ($): Enter an extra yearly payment and specify the month. For example, enter “1000” and select “January” to pay an additional $1,000 every January.
• One-Time Additional Payment ($): Input a one-time extra payment and specify the date. For example, enter “5000” and select “04/10/2025” for a $5,000 payment on that date.

Step 3: Calculate Your Loan

After filling in all the fields, click the Calculate button. The Loan Amortization Calculator will instantly display your results, including your monthly payment, total interest, and payoff date.

Step 4: Review Your Results

• Monthly Payment: The amount you’ll pay each month, such as “$1,687.71”.
• Total of Payments: The total amount paid over the loan term, like “$303,788.46” for 180 payments.
• Total Interest: The total interest paid, for example, “$103,788.46”.
• Payoff Date: The date when your loan will be fully paid, such as “04/2040”.

Step 5: Explore the Payment Breakdown

The Payment Breakdown section shows a pie chart illustrating the proportion of your total payments that go toward principal and interest, helping you understand your expenses with this Loan Amortization Calculator.

Step 6: Analyze the Payment Trend

The Payment Trend Over Time section displays a line chart showing how your interest, principal, and remaining balance change over the life of the loan, providing a visual insight into your repayment journey.

Step 7: Check the Amortization Schedule

• The Amortization Schedule provides a detailed view of your loan repayment over time using this Loan Amortization Calculator.
• Toggle between Annual and Monthly views using the tabs.
  • Annual View: Shows the total interest, principal, and remaining balance for each year.
  • Monthly View: Breaks down the interest, principal, and balance for each month.
• For example, in the annual view, you might see that in Year 1, you paid $11,769.23 in interest, $8,483.33 in principal, leaving a balance of $191,516.67.

Step 8: Print or Download Your Schedule

Use the Print button to print your amortization schedule, or the Download CSV button to save it as a CSV file for future reference.

Step 9: Adjust and Recalculate

To explore different scenarios (e.g., adding extra payments or changing the loan term), adjust the input values and click Calculate again. You can also click Clear to reset all fields and start over with this Loan Amortization Calculator.

This Loan Amortization Calculator empowers you to make informed financial decisions by providing a clear view of your loan repayment journey.