Amortization Calculator - See Your Full Loan Payment Schedule Instantly
Calculate your exact monthly payment, total interest, and a complete month-by-month amortization table for any mortgage, auto loan, or personal loan - free, private, and instant.
Loan Details
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Amortization Schedule
Full breakdown of every payment showing principal, interest, and remaining balance.
| Period | Payment | Principal | Interest | Balance |
|---|
How to Use the Amortization Calculator
Enter Your Loan Amount
Type in the total amount you are borrowing (the principal), before any interest is added.
Add the Interest Rate
Enter the annual interest rate your lender quoted, as a percentage (e.g. 6.5).
Set the Loan Term
Enter how many years you have to repay the loan in full.
Review Your Schedule
Click Calculate to instantly see your monthly payment, total interest, and full amortization table.
The Amortization Formula & How It Works
Every fixed-rate loan payment is calculated using the standard amortization formula, which spreads principal and interest across equal monthly payments for the full loan term:
- M - Fixed monthly payment
- P - Principal loan amount
- r - Monthly interest rate (annual rate divided by 12)
- n - Total number of monthly payments (years × 12)
For every payment, the calculator first works out that month's interest by multiplying the remaining balance by the monthly rate. It then subtracts that interest amount from the fixed payment M to find the principal portion, and reduces the balance accordingly before repeating the process for the next month. This is exactly how amortization tables are built by banks and lenders.
Why it matters: because interest is charged on the outstanding balance, your early payments are interest-heavy and your later payments are principal-heavy - even though the total payment amount stays the same every month.
Practical Example & Payment Comparison
Worked Example: 200,000 loan at 6.5% for 30 years
- Loan Amount: 200,000
- Interest Rate: 6.5% per year
- Term: 30 years (360 monthly payments)
- Monthly Payment: approximately 1,264.14
- Total Interest Paid Over the Loan: approximately 255,088
How Loan Term Changes Total Interest
| Loan Term | Rate | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 30 years | 6.5% | 1,264.14 | 255,088 |
| 20 years | 6.5% | 1,490.90 | 157,816 |
| 15 years | 6.5% | 1,742.51 | 113,652 |
Shortening the loan term from 30 to 15 years on this example saves roughly 141,000 in total interest, in exchange for a monthly payment that is about 478 higher.
Why Use This Amortization Calculator
Most free amortization calculators online only show a monthly payment number. This tool is built to give you the same level of detail a loan officer's spreadsheet would show - with full transparency into every single payment.
Full Month-by-Month Detail
See principal, interest, and balance for every single payment, not just yearly totals.
Instant, No Signup
Results calculate live in your browser the moment you enter your numbers - no account, no email required.
Zero Data Storage
Your loan figures never leave your device. Nothing is uploaded, logged, or saved on any server.
Visual Balance Chart
An interactive chart shows how your balance declines and interest accrues over the life of the loan.
Downloadable Records
Export your full schedule to a text file or a real Excel spreadsheet for your own records or a lender.
Works Worldwide
Switch between 10 major global currencies so the calculator is useful no matter where your loan is from.
Who Is This Calculator For?
- Homebuyers comparing mortgage offers before signing a loan
- Car buyers checking how an auto loan's interest builds up over time
- Anyone considering refinancing and wanting to compare remaining interest costs
- Students and personal finance learners wanting to understand how loan amortization actually works
- Freelancers or small business owners modeling repayment on an equipment or business loan
Frequently Asked Questions
An amortization calculator works out your fixed monthly loan payment and splits every payment into principal and interest based on your loan amount, interest rate, and loan term, then shows how the loan balance declines to zero by the final payment.
Interest is calculated each month on the remaining loan balance, which is highest at the start of the loan. As the balance shrinks with each payment, less interest accrues and a larger share of each fixed payment goes toward principal.
Divide your annual interest rate by 12 to get the monthly rate, multiply it by the outstanding balance to get that month's interest, subtract that from the fixed payment to get the principal portion, then subtract the principal from the balance to carry forward to the next month.
Yes. The calculator uses the standard fixed-rate amortization formula, so it applies to any fixed-rate installment loan including mortgages, auto loans, student loans, and personal loans.
Yes. You can download the full payment-by-payment schedule as a plain text file or as an Excel spreadsheet, both generated instantly in your browser with no data sent to any server.
You reduce total interest by making extra principal payments, choosing a shorter loan term, refinancing to a lower interest rate, or switching to biweekly payments so an extra payment is made each year.
Yes, the calculator is completely free with no signup required, and it runs entirely in your browser. No loan data is ever uploaded, transmitted, or stored on any server.