Amortization Calculator

Calculate your exact loan payments + full amortization table in seconds. Supports monthly, biweekly, weekly payments. Save thousands by comparing rates and terms

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The Ultimate Free Amortization Calculator (2025 Updated)

If you're taking out a home loan, car loan, or any fixed-rate loan, there's one question that keeps most people up at night:
"How much will I actually pay every month - and how much of that is just interest?"
That's exactly why we built this completely free, no-signup, 100% accurate Amortization Calculator - and why thousands of people use it every month.
Below you'll find the calculator itself (works on mobile, tablet, and desktop), plus a plain-English breakdown of how amortization works, why the payment frequency matters more than you think, and real-life examples that could save you thousands.

How Does an Amortization Calculator Actually Work?

So, how does this actually work? Basically, amortization is just a fancy word for the timeline of paying off your loan. While your monthly payment stays the same, the way that money is split up changes drastically over time.

There's a catch: Interest gets paid first. In the beginning, the bank prioritizes their profit. Almost your entire monthly payment goes toward interest, with only a tiny amount chipping away at what you actually owe. It takes years for the scales to tip so that you are primarily paying down the debt. This is why seeing the full schedule can be a shock-it reveals just how much money vanishes into interest during those first 5 to 10 years."

Let's look at a concrete example to see the true cost of a loan.

Imagine you take out a $250,000 mortgage at 6.5% for 15 years. Your monthly payment comes out to roughly $2,177. By the time you're done, you will have paid nearly $392,000 in total.

The shocker? That means you paid a staggering $141,894 in interest-that's more than half the original loan amount, just in interest!

Now for the good news: This is where strategy comes in. If you switch that exact same loan to biweekly payments, you can cut more than three years off your mortgage and save yourself over $27,000 in interest. Our calculator lets you instantly compare your regular monthly payment to this powerful biweekly strategy.

Why Payment Frequency Can Save You a Fortune

Most people only ever look at “monthly” payment, but showing biweekly or weekly can dramatically reduce interest:

Yes - just by paying half the monthly amount every two weeks (same annual cash flow), you pay the loan off years early because you make 26 half-payments = 13 full payments per year instead of 12.

5 Smart Ways to Use This Amortization Calculator

This tool isn't just about crunching numbers-it's about giving you control. Here are five powerful ways you can use it to save money and pay off your loan faster:

Compare Loan Offers Side-by-Side: Stop guessing! Plug in different interest rates from various lenders to instantly see which deal is truly the lowest cost over the long run.

See the true cost of a lower rate: You're considering refinancing for a slightly lower rate (say, 0.25% less). Is the interest savings actually worth the closing costs? This tool will give you the definitive "yes" or "no" in seconds.

Power Up with Extra Payments: Watch the magic happen! See exactly how much time and interest you save when you decide to add an extra $50 or $100 to your payment each month. You might be shocked at how fast your payoff date drops.

15-Year vs. 30-Year Reality Check: Quickly compare the total interest cost of a shorter versus a longer loan term. Even if your monthly budget is similar, the difference in total interest paid is often massive.

Find Your Freedom Date: In case you have the intention of aggressively paying down the debt then this tool will do the computation on the exact month and year when your mortgage will be paid off and that then you have a definite target.

Commonly Asked Questions

The following are the usual questions that one searches for and the simple answers:
Q: Can I really rely on the figures of computed amortization calculators on the internet?
A: Only when they are constructed properly. An excellent calculator should be capable of using the correct formula and work with all the payment frequencies (such as biweekly) correctly. We have particularly checked our figures with big financial websites such as Bankrate and Nerdwallet to make sure ours is to the penny.

Q: Which mortgage should I take, a 15-year or 30-year mortgage?
A: You should highly consider the 15-year option in case you can comfortably make the higher monthly payment. By accelerating the payment of your home even at the current rates, you will save tens, and at times hundreds of thousands of dollars of interest on the principal of the loan over its term. It is the long-term savings plan of the last kind.

Q: Is the extra payment that we make each year really helping that much?
A: It is one of the best tricks in the book. With a $300,000, thirty-year loan with a rate of 7% and you make a single additional payment a year, you will shave close to four years off your mortgage repayment schedule and save approximately $38,000 in interest!

Q: Why do the numbers on my bank statement slightly differ from those with this calculator?
A: That is standard, and it normally boils down to technicalities. Other banks round numbers in a different manner, or they may compute interest using a 360-day year as opposed to using a 365-day year. To be as accurate as possible, we use the actual/actual method, which is the industry standard.