Amortization Calculator
Free amortization calculator with full payment schedule: enter loan amount, rate and term to see your monthly payment, total interest and year-by-year breakdown.
About this tool
Amortization is the slow, scheduled death of a loan: every month you pay the same amount, but the split between interest and principal shifts. Early on, most of your payment is interest; near the end, almost all of it attacks the principal. An amortization calculator lays this entire journey out in a year-by-year table.
Seeing the schedule changes how you think about borrowing. On a typical 30-year loan, the total interest can exceed half the amount borrowed - yet a slightly shorter term or small extra payments erase years of payments. This tool shows you exactly where your money goes, year after year.
How to use
Enter the loan amount, the annual interest rate (APR), and the term in years, then press Calculate Amortization.
You get the fixed monthly payment, the lifetime total interest, and the grand total repaid - followed by a year-by-year schedule table showing interest paid, principal repaid, and remaining balance for every year. Compare a 30-year term against a 15-year term to see the brutal, beautiful power of a shorter loan.
The math behind it
Monthly payment M = P x r / (1 - (1+r)^-n), where P is the loan amount, r the monthly rate (APR/12), and n the number of payments. Each month: interest = balance x r; principal = M - interest; new balance = balance - principal.
Because interest is charged on the shrinking balance, the principal portion grows every month even though the payment never changes - that accelerating payoff curve is what the schedule table visualises.
Frequently asked questions
Why is so much of my early mortgage payment interest?
Does making extra payments really help?
What is the difference between APR and interest rate?
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