Use our free loan amortization calculator to compute your monthly loan payments, total interest, and a detailed amortization schedule.
| Payment # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jan 2025 | $1,342.05 | $404.55 | $937.50 | $249,595.45 |
| 2 | Feb 2025 | $1,342.05 | $406.07 | $935.98 | $249,189.38 |
| 3 | Mar 2025 | $1,342.05 | $407.59 | $934.46 | $248,781.79 |
Follow these four steps to use our loan amortization calculator and understand your payment plan.
Input loan amount, interest rate, loan term, and payment frequency for precise results.
The calculator instantly determines your monthly payment, total interest, and full amortization schedule.
View each payment’s principal and interest breakdown in an easy-to-read amortization table.
Download or print your amortization schedule for recordkeeping and future planning.
Explore our comprehensive suite of date and time calculation tools designed to make your life easier.
Estimate your monthly mortgage payments, including principal, interest, taxes, and insurance. purchase amount.
Determine the payment amount for any type of loan or credit card balance. pay.
A versatile tool for various financial calculations, including savings and investments.
Calculate your take-home pay by subtracting taxes and deductions from your gross income.
Calculate profit margin, markup, and other key business metrics.
Quickly find the final price after applying a percentage-based discount.
Amortization refers to repaying a loan over time through equal payments that include both principal and interest. Early payments are mostly interest, while later ones apply more toward principal.
The original amount borrowed, reduced with each payment.
The cost of borrowing, based on your outstanding balance.
The total duration of the loan, usually in years or months.
Annual Percentage Rate - the yearly cost of the loan including interest and fees.
Always input the correct annual percentage rate (APR) from your lender.
Making extra principal payments can lower interest costs and shorten the loan term.
Try bi-weekly payments to save thousands in interest over time.
Remember: the total loan cost includes both principal and total interest paid.
Understanding amortization helps you plan your budget, estimate interest costs, and identify opportunities to pay off loans faster.
Get answers to common questions about amortization calculations and loan payments.
An amortization calculator helps you estimate your loan payments, total interest, and complete amortization schedule. It breaks down each payment into principal and interest portions over time.
An amortization schedule is a table showing every loan payment from start to finish. Early payments mostly cover interest, while later ones reduce more of the principal balance.
The standard amortization formula is: P = [r × PV] / [1 - (1 + r)^(-n)] Where P = payment, r = monthly interest rate, PV = loan amount, and n = total number of payments.
Yes. After entering your loan amount, interest rate, and term, the calculator automatically displays an amortization table with payment number, date, principal, interest, and remaining balance.
Absolutely. You can use it for mortgages, auto loans, personal loans, or any type of installment-based loan.
Both show how your loan is repaid, but an amortization schedule specifically details the split between principal and interest in each payment, while a repayment schedule may include extra fees or taxes.
Yes. By making additional principal payments, you can shorten your loan term and save significantly on total interest costs.
Select a bi-weekly frequency option in the calculator. It divides your monthly payment in half and applies it every two weeks, reducing interest and paying off the loan faster.
The interest rate is the base cost of borrowing, while APR (Annual Percentage Rate) includes additional lender fees, giving you a more accurate view of total loan costs.
No. All calculations are done locally in your browser. Your loan information is never saved, tracked, or shared.