CalcQuick · Loan repayment
Loan Calculator with Amortization and Extra Payments
Enter the loan amount, nominal annual rate and term in whole months. Add an optional extra monthly principal payment to compare interest and payoff time with the original schedule.
Reviewed and updated:Illustrative inputs: replace rates and costs with your own assumptions.
Monthly amortization schedule (24)
Month-end loan payments only. Calculations retain full precision; displayed amounts are rounded, so bank schedules can differ by a few cents.
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $443.21 | $393.21 | $50.00 | $9,606.79 |
| 2 | $443.21 | $395.17 | $48.03 | $9,211.62 |
| 3 | $443.21 | $397.15 | $46.06 | $8,814.47 |
| 4 | $443.21 | $399.13 | $44.07 | $8,415.34 |
| 5 | $443.21 | $401.13 | $42.08 | $8,014.21 |
| 6 | $443.21 | $403.14 | $40.07 | $7,611.08 |
| 7 | $443.21 | $405.15 | $38.06 | $7,205.92 |
| 8 | $443.21 | $407.18 | $36.03 | $6,798.75 |
| 9 | $443.21 | $409.21 | $33.99 | $6,389.54 |
| 10 | $443.21 | $411.26 | $31.95 | $5,978.28 |
| 11 | $443.21 | $413.31 | $29.89 | $5,564.96 |
| 12 | $443.21 | $415.38 | $27.82 | $5,149.58 |
01
How to use this calculator
- Enter your values using the units shown.
- Review the result, which updates instantly.
- Check the formula and assumptions before using the number for a decision.
02
Formula and assumptions
Monthly rate i = annual nominal rate ÷ 12. Payment M = P × i ÷ (1 − (1 + i)^(−n)), with the rate entered as a decimal. At 0% interest, M = P ÷ n. Each month, interest = opening balance × i; the rest of the payment reduces principal.
03
Worked example
Borrowing $10,000 at a nominal 6% for 24 months gives a scheduled payment of about $443.21 and total interest of $636.95, before any extra repayments.
CalcQuick
Sources and scope
These references support the formula or category guidance. CalcQuick remains responsible for the calculator implementation.
- PMT: payments at a constant rateMicrosoft Support
FAQ
Frequently asked questions
How do extra payments change my loan?
The extra amount is applied to principal every month while the regular payment stays the same. This normally reduces interest and shortens the term. The final payment is capped at the remaining balance plus that month’s interest.
Does the monthly payment include loan fees?
No. The schedule covers principal and interest only. Ask your lender about fees, repayment rules and any penalty before making extra payments.
Can I export the complete amortization schedule?
Yes. Open the monthly schedule and export all payments as CSV, including months outside the current page. Amounts are displayed and exported rounded; the calculation keeps full precision.