Advanced Amortization Calculator
Calculate monthly loan payments, interest cost, payoff date, and a full amortization schedule with support for extra payments and multiple loan types.
Formulas Used
- Monthly Payment (EMI):
- EMI = P × [r(1+r)^n] / [(1+r)^n − 1]
- Monthly Interest:
- Interest = Remaining Balance × (APR / 12)
- Principal Payment:
- Principal = Payment − Interest
- Remaining Balance:
- Balance = Previous Balance − Principal − Extra Payments
Loan & Amortization Details
- - Extra payments can reduce payoff time and total interest.
- - Auto loans include sales tax/trade-in adjustments.
- - Mortgage payments can include tax, insurance, and HOA.
- - Credit mode uses a minimum-payment payoff model.
- - Recommended debt-to-income target is below 36%.