Instantly calculate your loan or mortgage payment schedule with charts, tables and extra payment analysis.
Enter your loan details and press Calculate to see your amortization schedule.
Everything you need to know about loan amortization, schedules and how to save money on interest.
An amortization calculator shows you exactly how your loan payments are structured over time. It breaks down each payment into the amount that reduces your loan balance (principal) versus the cost of borrowing (interest).
With our free amortization calculator, you can instantly see your complete amortization schedule, total interest cost and the impact of making extra payments — all with visual charts.
In the early years of a loan, the majority of each payment goes toward interest. As the principal decreases, the interest portion shrinks — and more of each payment reduces your balance. This "front-loading" of interest is what amortization describes.
For example, on a $300,000 mortgage at 6.5% for 30 years, your first payment of $1,896 includes roughly $1,625 in interest and only $271 in principal. By year 20, most of each payment goes to principal.
The monthly payment is calculated using the standard amortization formula:
Where: M = monthly payment · P = principal loan amount · r = monthly interest rate (annual rate ÷ 12) · n = total number of payments (years × 12)
An amortization table lists every payment for the life of your loan. Each row shows: the payment number, the interest paid, the principal paid and the remaining loan balance. Reading the schedule helps you understand your true cost of borrowing and plan your finances precisely.
Our calculator generates both monthly and annual views and you can download the full schedule as a CSV for use in a spreadsheet.
Making additional principal payments is one of the most powerful ways to reduce your total interest and pay off your loan early. Even a small extra monthly payment has a compounding effect:
On a $300,000 loan at 6.5% for 30 years, adding just $200/month to your payment can save over $60,000 in interest and shave more than 6 years off your loan. Use our extra payment tool above to model your own scenario.
Our amortization calculator works for any fixed-rate loan: mortgages, auto loans, student loans, personal loans and business loans. Simply enter your specific loan amount, interest rate and term.
Common questions about amortization calculators and loan repayment.
Key terms you'll see in your amortization schedule explained clearly.
The original amount of money borrowed, or the remaining unpaid balance of the loan. Each payment you make reduces the principal (along with paying interest). Paying down principal faster through extra payments reduces the total interest you owe.
The interest rate is the annual cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus lender fees, making it the true cost of the loan. Our calculator uses the interest rate for amortization schedule calculations.
The length of time over which you repay the loan, typically expressed in years. Common terms are 30 years and 15 years for mortgages and 36-84 months for auto loans. A shorter term means higher monthly payments but far less total interest paid.
For most US mortgages, the amortization period and loan term are the same. However, some loans (especially commercial) have shorter terms with balloon payments due at end of term, based on a longer amortization period.