About the Amortization Calculator
See the monthly payment and a year-by-year amortization schedule showing how much of each payment is interest and principal. This tool is free, works in your browser and needs no sign-up.
How to use the Amortization Calculator
Enter the loan amount, interest rate and term. Add an extra monthly payment to see how it shortens the loan. The year-by-year table shows interest, principal and the remaining balance.
Formula used
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). Each month, interest = balance × r and principal = payment − interest.
Example
With Loan amount 200000, Interest rate (% per year) 6, Loan term (years) 20, Extra payment per month 0, the calculator shows: Monthly payment = 1,432.86; Total interest = 143,886.91; Total paid = 343,886.91.
Frequently asked questions
Why is most of my early payment interest?
Interest is charged on the remaining balance. At the start the balance is high, so interest takes most of the payment. As the balance falls, more goes to principal.
Is the Amortization Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Amortization Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.