Introduction

The Amortization Calculator helps you plan and track your loan payments over time. You can see how extra payments, recasts, or refinancing affect your total interest and payoff timeline.

This guide walks you through every section of the calculator so you can understand how each feature works and make the most of your loan planning tools.

Loan Details

The Loan Details section lets you enter your general loan information, including loan amount, loan years, interest rate, start month, and start year.

Once filled in, you can view your amortization graph, monthly amortization table, or annual amortization table to understand how your payments are structured.

Extra Payments

This section lets you explore how extra payments can shorten your loan term and reduce interest costs. You can increase your monthly payments or make lump-sum payments each year.

• Monthly Increase: Specify an increase amount and month. The increase is applied to all months going forward each year.
• Lump Sum: Make a one-time payment for the same month each year of your loan.

For example, if your loan starts in January and you set a monthly increase of $50 beginning in June, your payment will increase by $50 from June onward every year. But if you set a lump sum payment of $1,000 in June, that payment applies only to June each year — no other months are affected.

You can also target specific months using the table. It’s best to complete the form first, as it updates the same month for all years, even if a value was previously entered in the table. You can track your loan progress by entering your actual payments as you go.

Recast

Recasts can only be made after an extra payment has been entered. When available, you can select the month from a drop-down list to apply a recast.

A recast lowers your monthly payments while keeping your original loan term the same — ideal for when you’ve made substantial extra payments and want to reduce your ongoing costs.

Refinance

The Refinance section lets you simulate the impact of refinancing your loan. You can select a month, new loan years, and a new interest rate to see how much refinancing could save you.

This helps you evaluate whether refinancing is worth it before making a real-world decision.

Loan Summary

At the top of the calculator, you’ll find your loan summary, which displays key figures such as total loan cost, total interest, total principal, and payoff date.

If you’ve made extra payments, it will also show how much less interest and how many fewer payments you’ll make compared to the original loan terms.

Your Data, Your Privacy

All data entered into the Amortization Calculator is stored directly in your browser. Nothing is uploaded or stored on external servers. This ensures your information stays private, secure, and fully under your control.