Calculate loan amortization schedules with multiple payment frequencies, extra payments, and comprehensive payment breakdowns. Perfect for mortgages, auto loans, and personal loans.
Calculating amortization schedule...
Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Loan: $300,000 at 6.5% for 30 years
Payment: $1,896/month
Total Interest: $382,633
Same Loan: $300,000 at 6.5%
Payment: $948 bi-weekly
Payoff: 25.5 years (4.5 years early)
Interest Saved: $89,000+
Extra $200/month:
Payoff: 24.5 years (5.5 years early)
Interest Saved: $108,000+
An amortization schedule is a complete table showing each loan payment over the life of the loan. It breaks down how much of each payment goes toward principal and interest, and shows the remaining balance after each payment.
Bi-weekly payments result in 26 payments per year (equivalent to 13 monthly payments), effectively making one extra monthly payment annually. This reduces the principal faster, saving significant interest over the loan term.
Extra payments can save substantial interest and reduce loan term, but consider your overall financial situation. Ensure you have emergency savings and aren't carrying higher-interest debt before making extra loan payments.
A complete mortgage payment typically includes Principal, Interest, Taxes, and Insurance (PITI). Our calculator can include property taxes, homeowners insurance, and PMI to give you the total monthly housing cost.
Most common type for home loans, typically 15-30 year terms with fixed monthly payments including principal, interest, taxes, and insurance (PITI).
Vehicle financing with shorter terms, typically 3-7 years. Higher monthly payments but less total interest paid compared to mortgages.
Unsecured loans for various purposes with fixed payments and terms. Higher rates due to lack of collateral but flexible usage.
| Payment Frequency | Payments Per Year | Example: $300K at 6.5% | Interest Savings | Time Savings |
|---|---|---|---|---|
| Monthly | 12 | $1,896/month | Baseline | 30 years |
| Bi-weekly | 26 | $948 bi-weekly | ~$89,000 | ~4.5 years |
| Weekly | 52 | $474 weekly | ~$125,000 | ~6 years |
| Quarterly | 4 | $5,688 quarterly | Less savings | 30+ years |
Bi-weekly payments result in 26 payments per year, which equals 13 monthly payments instead of 12. This extra payment goes directly toward principal reduction, significantly reducing the total interest paid over the loan term.
Loans where each payment includes both principal and interest, gradually reducing the balance to zero by the end of the term.
Loans where payments may not reduce the principal balance, or only cover interest, requiring a large balloon payment.
The interest portion of mortgage payments may be tax-deductible, making homeownership more affordable.
Interest on business loans is generally fully deductible as a business expense, reducing taxable income.
When market rates drop significantly below your current rate, refinancing can reduce monthly payments and total interest.
Consider refinancing when you can reduce your rate by 0.5-1% or more, depending on closing costs and how long you plan to stay in the home.
Switching from a 30-year to 15-year mortgage can save substantial interest, while extending terms can lower payments.
Access home equity for improvements, debt consolidation, or other major expenses while potentially improving loan terms.
Get detailed payment schedules and see how extra payments can save you thousands - completely free!
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