Amortization Calculator
Enter your loan details to see the monthly payment, total interest, and a full amortization schedule. Add an optional extra payment to see how much faster you could be debt-free.
| Year | Principal | Interest | Paid | Balance |
|---|---|---|---|---|
| 1 | $2,794 | $16,168 | $18,962 | $247,206 |
| 2 | $2,981 | $15,981 | $18,962 | $244,224 |
| 3 | $3,181 | $15,781 | $18,962 | $241,043 |
| 4 | $3,394 | $15,568 | $18,962 | $237,649 |
| 5 | $3,621 | $15,341 | $18,962 | $234,027 |
| 6 | $3,864 | $15,098 | $18,962 | $230,163 |
| 7 | $4,123 | $14,839 | $18,962 | $226,041 |
| 8 | $4,399 | $14,563 | $18,962 | $221,642 |
| 9 | $4,694 | $14,269 | $18,962 | $216,948 |
| 10 | $5,008 | $13,954 | $18,962 | $211,940 |
| 11 | $5,343 | $13,619 | $18,962 | $206,597 |
| 12 | $5,701 | $13,261 | $18,962 | $200,896 |
| 13 | $6,083 | $12,879 | $18,962 | $194,813 |
| 14 | $6,490 | $12,472 | $18,962 | $188,323 |
| 15 | $6,925 | $12,037 | $18,962 | $181,398 |
| 16 | $7,389 | $11,573 | $18,962 | $174,009 |
| 17 | $7,884 | $11,078 | $18,962 | $166,126 |
| 18 | $8,412 | $10,551 | $18,962 | $157,714 |
| 19 | $8,975 | $9,987 | $18,962 | $148,739 |
| 20 | $9,576 | $9,386 | $18,962 | $139,163 |
| 21 | $10,217 | $8,745 | $18,962 | $128,946 |
| 22 | $10,902 | $8,061 | $18,962 | $118,045 |
| 23 | $11,632 | $7,330 | $18,962 | $106,413 |
| 24 | $12,411 | $6,551 | $18,962 | $94,002 |
| 25 | $13,242 | $5,720 | $18,962 | $80,761 |
| 26 | $14,129 | $4,833 | $18,962 | $66,632 |
| 27 | $15,075 | $3,887 | $18,962 | $51,557 |
| 28 | $16,084 | $2,878 | $18,962 | $35,473 |
| 29 | $17,162 | $1,800 | $18,962 | $18,311 |
| 30 | $18,311 | $651 | $18,962 | $0 |
Showing 30 years. Figures are estimates and assume a fixed rate.
How to use this calculator
Enter your loan amount, interest rate, and term in years. The calculator instantly shows your fixed monthly payment, the total interest you'll pay over the life of the loan, and the total amount repaid. Use the extra monthly payment field to model paying a little more each month — the schedule and totals update automatically.
How amortization works
On a fully amortizing loan, you pay the same amount every month, but the makeup of that payment shifts over time. At the start, most of your payment covers interest on a large balance. As the balance falls, less goes to interest and more goes to principal. By the final payment, almost the entire amount reduces principal and the balance reaches zero.
This is why making extra principal payments early is so powerful: reducing the balance sooner means less interest accrues every month afterward, which compounds over the life of the loan.
Worked example
Suppose you borrow $250,000 at 6.5% for 30 years. The monthly payment is about $1,580, and over 30 years you'd pay roughly $319,000 in interest — more than the loan itself. Adding just $200 a month to principal pays the loan off several years early and saves tens of thousands in interest. Try these numbers in the calculator above to see the exact figures and full schedule.
The amortization formula
M = P · [ r(1 + r)n ] / [ (1 + r)n − 1 ]
Where M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), and n = total number of payments (years × 12). When the interest rate is 0%, the payment is simply the principal divided by the number of months.
This tool provides estimates for general information only and is not financial advice. Your actual payment may include taxes, insurance, PMI, or fees not shown here.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a table that shows every payment on a loan, split into how much goes to interest and how much goes to the principal balance. Early payments are mostly interest; later payments are mostly principal. The schedule also shows the remaining balance after each payment.
How is my monthly payment calculated?
A fixed-rate loan uses the formula M = P · r · (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). The payment stays the same each month, but the split between principal and interest changes over time.
How do extra payments affect my loan?
Any extra amount goes straight to your principal balance. Because future interest is charged on a smaller balance, even a modest extra payment each month can shave years off the term and save thousands in interest. Enter an amount in the optional field to see the impact.
Does this work for any loan?
Yes. The math is the same for mortgages, auto loans, student loans, and personal loans as long as the rate is fixed and the loan fully amortizes. Adjust the amount, rate, and term to match your loan.
Is my information saved?
No. Everything is calculated in your browser. Nothing you enter is sent to a server or stored.