Amortization Calculator
Generate a complete loan amortization schedule. See monthly payments, principal vs. interest breakdown, and total cost for any mortgage, car loan, or personal loan.
Monthly Payment
$1,264.14
Total Payment
$455,088.98
Total Interest
$255,088.98
Interest / Total
56.1%
Annual Interest vs. Principal
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,264.14 | $180.80 | $1,083.33 | $199,819.20 |
| 2 | $1,264.14 | $181.78 | $1,082.35 | $199,637.42 |
| 3 | $1,264.14 | $182.77 | $1,081.37 | $199,454.65 |
| 4 | $1,264.14 | $183.76 | $1,080.38 | $199,270.89 |
| 5 | $1,264.14 | $184.75 | $1,079.38 | $199,086.14 |
| 6 | $1,264.14 | $185.75 | $1,078.38 | $198,900.39 |
| 7 | $1,264.14 | $186.76 | $1,077.38 | $198,713.63 |
| 8 | $1,264.14 | $187.77 | $1,076.37 | $198,525.86 |
| 9 | $1,264.14 | $188.79 | $1,075.35 | $198,337.07 |
| 10 | $1,264.14 | $189.81 | $1,074.33 | $198,147.26 |
| 11 | $1,264.14 | $190.84 | $1,073.30 | $197,956.42 |
| 12 | $1,264.14 | $191.87 | $1,072.26 | $197,764.55 |
What Is an Amortization Calculator?
An amortization calculator generates a complete payment schedule for an installment loan — such as a mortgage, auto loan, or personal loan. It shows how each monthly payment is split between principal (reducing your balance) and interest (the cost of borrowing), from the first payment through payoff. This helps you understand the true cost of a loan and plan your finances accordingly.
How to Use
- Loan amount: enter the total amount you are borrowing
- Annual interest rate: enter the yearly rate (e.g. 6.5 for 6.5%)
- Loan term: enter the repayment period in years or months
- Results update instantly — scroll down to see the full amortization table
Key Features
- Complete month-by-month amortization schedule
- Summary of monthly payment, total payment, and total interest paid
- Visual interest vs principal breakdown over the life of the loan
- Works for mortgages, car loans, student loans, and personal loans
- Supports 0% interest loans (equal principal payments)
FAQ
What is amortization?
Amortization is the process of paying off a debt in equal periodic payments over time. With a standard amortizing loan, each payment covers the accrued interest first; the remainder reduces the principal. Early payments are mostly interest; later payments are mostly principal.
Why do I pay more interest at the beginning?
Interest is calculated on the remaining balance. At the start, your balance is highest, so the interest portion of each payment is largest. As you pay down the principal, less interest accrues, and more of each payment goes toward the balance.
How does making extra payments affect amortization?
Extra principal payments reduce your outstanding balance immediately, which lowers the interest charged in subsequent months and shortens the overall loan term. Even small extra payments early in the loan can save thousands of dollars in total interest.
What is the difference between amortization and a loan calculator?
A basic loan calculator gives you the monthly payment amount. An amortization calculator goes further by generating the full schedule — showing the exact principal, interest, and remaining balance for every single payment over the life of the loan.