Amortization Schedule Calculator

This amortization schedule calculator lets you estimate your monthly loan or mortgage repayments in seconds. Enter your loan amount, interest rate, term and start date, click "Calculate", and you'll get your fixed monthly payment together with a complete payment schedule — showing exactly how much of every payment goes toward the principal and how much is eaten by interest.

Because early payments on a long loan are mostly interest, seeing the full amortization schedule is the quickest way to understand the true cost of borrowing. The chart below the results shows your balance falling month by month, the crossover point where principal starts to outweigh interest, and the total interest you'll have paid by the end of the term. Use it for a mortgage, an auto loan, a student loan or any other fixed-rate loan.

Prefer working in a spreadsheet? Download our free amortization schedule Excel template — the same math in a worksheet you can save, print and adapt to your own scenarios.

FAQ

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What is amortization?

Amortization is the process of paying off a loan with regular fixed payments over time. Each payment covers the interest accrued since the previous payment and reduces the outstanding balance by the remainder. As the balance shrinks, the interest portion of every payment gets smaller and the principal portion grows, until the loan is fully repaid at the end of the term.

What is an amortization schedule?

An amortization schedule is a table listing every payment over the life of a loan, splitting each one into interest and principal and showing the remaining balance afterwards. Lenders use it to set your fixed payment; borrowers use it to see the real cost of a loan, to compare offers, and to plan extra payments where they have the most impact.

How is my monthly payment calculated?

Your payment depends on three numbers: the amount borrowed, the interest rate and the number of payments. The standard formula is M = P × (r(1+r)ⁿ) / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate and n is the number of monthly payments. This calculator applies it instantly and shows the result along with the full payment breakdown.

Can I pay my loan off faster?

Yes — any amount you pay on top of the required payment goes straight to the principal, which shrinks the base on which future interest is charged. Even a small recurring extra payment early in the term can cut years off a long loan and save thousands in interest. Check your loan agreement for prepayment penalties before committing to a plan.

This loan amortization calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.