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Enter your loan details above to calculate your estimated payment, total interest, and repayment schedule.
Complete the loan details above to explore what-if scenarios.
Enter valid loan details to view your amortization schedule.
This calculator provides estimates for informational purposes only. Actual loan payments, rates, fees, eligibility and approval requirements vary by lender and loan agreement.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.
When you first start making payments on a standard amortizing loan (like a mortgage or auto loan), the majority of your payment goes toward interest. As the principal balance decreases over time, less interest accrues, meaning a larger portion of your fixed monthly payment goes toward the principal.
Because interest is calculated on the remaining principal balance, any extra payment you make goes directly toward reducing that principal. A smaller principal balance generates less interest in the following month. By consistently paying extra, you accelerate the amortization process, significantly reducing the total interest paid and the time it takes to become debt-free.
Your Debt-to-Income (DTI) ratio is a personal finance measure that compares your monthly debt payment to your monthly gross income. It is one of the most important metrics lenders use to measure your ability to manage the monthly payments to repay the money you plan to borrow.
Divide your total recurring monthly debt by your gross monthly income, and express it as a percentage. For example, if your monthly debt equals $2,000 and your gross monthly income is $6,000, your DTI is 33%.
Lenders generally prefer a DTI lower than 43%, though some mortgage programs allow higher ratios. A lower DTI shows that you have a good balance between debt and income.