Estimate monthly loan payments, total interest, total loan cost, and view a simple amortization schedule showing how each payment is split between principal and interest over time.
Enter your loan details and click Calculate to view your amortization results.
| Payment # | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Your amortization schedule will appear here. | ||||
This amortization calculator estimates your monthly loan payment using the standard amortizing loan formula. It also shows how each payment is divided between interest and principal as the loan balance decreases over time.
If you enter an extra monthly payment amount, the calculator estimates a faster payoff date and how much interest you may save by paying down principal sooner.
Monthly payments are calculated using the standard amortization formula:
M = P × [r(1 + r)n] / [(1 + r)n - 1]
Where:
Each month, interest is calculated on the remaining balance, and the rest of the payment reduces principal.
Even small extra monthly payments can reduce total interest and shorten the payoff timeline.
At the start of a loan, a larger share of each payment goes toward interest, so paying extra early can have a stronger effect.
Amortization schedules are useful for mortgages, auto loans, personal loans, and many other installment loans.
Try changing rates, terms, or extra payments to see how loan cost and payoff time change.
An amortization schedule is a payment breakdown that shows how much of each payment goes to principal, how much goes to interest, and what balance remains after each payment.
Interest is calculated on the remaining balance. Because the balance is highest at the beginning of the loan, the interest portion is larger early on.
In most standard amortizing loans, extra payments reduce principal faster, which usually lowers total interest and shortens the loan term.
No. This amortization calculator estimates principal and interest only. Taxes, insurance, escrow, and lender fees are not included.