Amortization Calculator
| Amount | % of Total | |
|---|---|---|
| Principal | ₹0 | 0% |
| Interest | ₹0 | 0% |
| Total Payment | ₹0 | 100% |
| Loan Amount | ₹0 |
| Extra Monthly Payment | ₹0 |
| No. of Payments | 0 |
| Total Interest Payable | ₹0 |
| Total Amount Payable | ₹0 |
| Interest Saved | ₹0 |
| Time Saved | 0 months |
| Year | Principal | Interest | Total Payment | Balance |
|---|
What Is an Amortization Calculator?
An Amortization Calculator shows you exactly how a loan is paid off over time. Enter your loan amount, interest rate, and term, and it instantly works out your fixed monthly payment along with a full schedule showing how much of every payment goes toward interest versus principal.
This tool also lets you add an optional extra monthly payment, so you can see exactly how much time and interest you would save by paying a little more than the required amount each month.
How to Use This Amortization Calculator
- Enter the Loan Amount — the total sum you are borrowing.
- Enter the Interest Rate — the annual interest rate on the loan, expressed as a percentage (for example, 8.5).
- Enter the Loan Term — how long you have to repay the loan (maximum 35 years).
- Enter an Extra Monthly Payment (optional) — any additional amount you plan to pay toward the principal each month.
- Click Calculate to instantly see your monthly payment, a principal-vs-interest breakdown, and the full year-by-year or month-by-month amortization schedule — including the interest and time you save with extra payments.
How Amortization Is Calculated
The calculator first works out your fixed monthly payment using the standard reducing-balance formula used by lenders worldwide:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of monthly installments (loan term in years × 12)
From there, the calculator builds a month-by-month schedule: each month's interest is charged on the remaining balance, the rest of the payment (plus any extra payment you added) reduces the principal, and the cycle repeats until the balance reaches zero — either at the original term, or earlier if extra payments are included.
How to Print or Save This Schedule as a PDF
- Fill in your loan details and click Calculate.
- Click the Print link at the top of the page.
- In the print dialog, choose "Save as PDF" as the destination instead of a physical printer.
- Make sure "Background graphics" is turned on so the layout prints exactly as shown on screen.
- Click Save or Print — the full amortization schedule and summary will be included, without the site navigation or footer.
Frequently Asked Questions
What is loan amortization?
Amortization is the process of paying off a loan through fixed, regular payments over time. Each payment covers the interest due plus a portion of the principal, and that split gradually shifts toward more principal as the loan progresses.
How does an extra monthly payment reduce my total interest?
Any extra amount you pay each month goes directly toward reducing your outstanding principal. A smaller principal balance means less interest accrues in every future month, so your total interest cost drops and the loan gets paid off sooner.
Does making extra payments shorten my loan term?
Yes. Since your regular installment stays the same but more of it goes toward principal, the loan balance reaches zero earlier than the original term, shortening the number of payments needed.
What is the difference between amortization and EMI?
EMI is simply the fixed payment amount you pay each month. Amortization is the underlying schedule that shows exactly how each EMI is split between interest and principal over the life of the loan.
Is this amortization calculator free to use?
Yes, this calculator is completely free, requires no sign-up, and can be used as many times as you need.