 | Amortization Calculator Tool – Free Online Loan Payment Calculator |
Amortization Calculator
Calculate your loan payments, interest costs, and view the complete repayment schedule
Loan Details
$250,000
5.5%
30 years
Loan Summary
Monthly Payment
$1,419.47
Total Interest
$260,808.08
Total Payment
$510,808.08
Payoff Date
Aug 2053
Amortization Schedule
| Payment Date | Payment | Principal | Interest | Total Interest | Balance |
|---|
About This Loan
An amortization schedule shows each loan payment over the loan term and how it is applied to both principal and interest. In the beginning, most of your payment goes toward interest. As you pay down the principal, more of your payment goes toward reducing the loan balance.
Tips for Saving
- Making extra payments reduces both the loan term and total interest paid
- Refinancing to a lower rate can save thousands in interest
- Bi-weekly payments can help pay off your loan faster
- Consider making one extra payment per year to shorten loan term
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