About the Amortization Calculator
Amortization Calculator shows how a fixed-rate loan is paid off, month by month. Enter the loan amount, the yearly interest rate and the term, and you get the monthly payment, the total interest, the date of the last payment and a complete schedule that splits every payment into principal and interest, with the balance that remains. You can add an extra payment every month, or a one-time extra payment in the first month, and the tool shows how much interest that saves and how many months earlier the loan ends. The schedule can be viewed by year or by month and downloaded as a CSV file for a spreadsheet. Choose any currency symbol. The calculation assumes a level payment with monthly compounding, and it ignores fees, insurance and taxes, so your lender's figures can differ slightly.
Updated September 2026
How to use the Amortization Calculator
- 1Enter the loan amount, the yearly interest rate and the term in years.
- 2Choose the month and year of the first payment, and your currency.
- 3Add an extra monthly payment or a one-time payment to see the effect.
- 4Read the payment, total interest, last payment date and interest saved.
- 5Switch the schedule between years and months, or download it as CSV.
How to read the schedule
Each row is one payment. The principal column shows how much of the payment reduces what you owe, the interest column shows the cost of borrowing for that month, and the balance column shows what is left afterwards. Adding up the interest column gives the total interest, and the last row's balance is zero.
The year view adds up the twelve monthly rows of each year, which makes it easy to see the trend and to plan for tax reports that need yearly interest. The monthly view is best for finding the exact balance at a date, for example when you plan to sell or refinance.
Ways to pay less interest
- Pay a little extra every month, even one twelfth of a payment, which equals one extra payment a year.
- Use bonuses and tax refunds as one-time extra payments early in the loan, when they have the most effect.
- Choose a shorter term if you can afford the higher payment: 15-year loans cost far less interest than 30-year ones.
- Compare a lower rate with the costs of refinancing before you switch.
- Check that the lender applies extra money to principal and does not charge a penalty for early payment.
Example
A 250,000 loan at 6.5 percent for 30 years costs 1,580.17 a month and 318,861 in interest over the whole term, so you pay back about 568,861. With 200 extra per month, the loan is cleared in about 22 years and 1 month, and the interest drops to roughly 221,000. A one-time 10,000 payment in the first month saves about 52,500 in interest and shortens the loan by more than three years.
These figures are shown by the tool for your own numbers, so change the boxes and compare. Small changes to the rate and term matter more than most people expect.
Limits and related tools
The calculator assumes the rate stays fixed and that payments are made on time. Real loans can have different day counts, rounding and fees, so use the lender's statement for the final figures. For a wider view of the monthly cost of a home, use Mortgage Calculator, and for the payment alone with a simple summary use Loan Calculator.
To see how long savings take to grow, use Compound Interest Calculator, and to compare paying a loan against investing, ROI Calculator helps. EMI figures for Indian loans are also available on Loan Calculator in rupees.
Features
- Monthly payment and full amortization schedule
- Principal and interest for every payment
- Extra monthly and one-time payments
- Interest saved and months saved
- Payoff date from your start month
- Year and month views
- CSV download, any currency symbol
Frequently asked questions
What is amortization?
Amortization is the way a loan is paid off with regular equal payments. Each payment covers the interest that has built up since the last one and the rest reduces the balance. Early payments are mostly interest, and later payments are mostly principal, which the schedule shows clearly.
How is the monthly payment calculated?
With the standard formula P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate (the yearly rate divided by 12) and n is the number of months. A 250,000 loan at 6.5 percent over 30 years has a payment of about 1,580.17 per month.
How do extra payments help?
Extra money goes straight to the principal, so the balance falls faster and less interest builds up in each following month. On the 250,000 loan above, an extra 200 a month cuts about 97,600 in interest and takes nearly eight years off the term. Enter your extra amount to see your own numbers.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is at its highest at the start. On a 30-year loan at 6.5 percent, about 1,354 of the first 1,580 payment is interest. As the balance drops, interest falls and more of each payment goes to principal.
Does the calculator include taxes, insurance or fees?
No. It shows principal and interest only. Property tax, home insurance, mortgage insurance and lender fees are extra, and they change the amount you pay each month. Mortgage Calculator includes those items.
Can I use it for car, personal or student loans?
Yes, for any loan with a fixed rate, equal monthly payments and monthly interest. It does not fit loans with variable rates, interest-only periods, balloon payments or daily interest, so a lender's own schedule can differ a little.