What is a Amortization Calculator?

An amortization calculator is a tool that shows how a loan is paid off over time. It helps you estimate your monthly payment and breaks each payment into two parts:

• Principal = the amount that reduces your loan balance

• Interest = the cost of borrowing money

At the start of a loan, a larger part of your payment usually goes toward interest. As the balance gets smaller, more of each payment goes toward principal. An amortization calculator lets you see this full repayment schedule month by month.

How to use this Amortization Calculator

Enter your loan amount, interest rate, and loan term, and optionally add any extra monthly payment. The calculator will estimate your monthly repayment, total interest paid, total cost of the loan, and provide a detailed amortization schedule showing how your loan balance decreases over time.

Disclaimer: This is a general estimate only. Actual loan repayments may vary depending on lender terms, fees, compounding methods, and changes in interest rates. Always confirm final figures with your lender or financial advisor.

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