Tool Factory

Amortization Calculator

Find the monthly payment on any fixed-rate loan and see exactly how each payment splits between principal and interest. Add extra monthly principal to see how much sooner you pay off and how much interest you save. Everything runs in the browser.

  • Monthly & yearly schedule
  • Extra payments
  • Stays on your device

Numbers stay on this device. Nothing is uploaded, and there is no account.

Amortization schedule

YearPrincipalInterestBalance
1$3,353.12$19,401.28$296,646.88
2$3,577.68$19,176.72$293,069.20
3$3,817.29$18,937.11$289,251.91
4$4,072.94$18,681.46$285,178.97
5$4,345.71$18,408.69$280,833.26
6$4,636.75$18,117.65$276,196.51
7$4,947.30$17,807.10$271,249.21
8$5,278.62$17,475.78$265,970.59
9$5,632.13$17,122.27$260,338.46
10$6,009.32$16,745.08$254,329.14
11$6,411.79$16,342.61$247,917.35
12$6,841.18$15,913.22$241,076.17
13$7,299.36$15,455.04$233,776.81
14$7,788.20$14,966.20$225,988.61
15$8,309.84$14,444.56$217,678.77
16$8,866.33$13,888.07$208,812.44
17$9,460.12$13,294.28$199,352.32
18$10,093.70$12,660.70$189,258.62
19$10,769.69$11,984.71$178,488.93
20$11,490.95$11,263.45$166,997.98
21$12,260.53$10,493.87$154,737.45
22$13,081.64$9,672.76$141,655.81
23$13,957.73$8,796.67$127,698.08
24$14,892.51$7,861.89$112,805.57
25$15,889.89$6,864.51$96,915.68
26$16,954.05$5,800.35$79,961.63
27$18,089.49$4,664.91$61,872.14
28$19,300.99$3,453.41$42,571.15
29$20,593.64$2,160.76$21,977.51
30$21,977.51$781.60$0.00

Amortization is paying off a loan with equal monthly payments. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal, so early payments are mostly interest and later payments are mostly principal.

Example: a $300,000 mortgage at 6.5% for 30 years has a monthly principal and interest payment of $1,896.20. Over 360 payments you pay about $382,600 in interest. Adding $200 a month of extra principal pays the loan off years early and cuts that interest substantially.

Browse more calculators on the Finance hub, or open the mortgage recast calculator, APR calculator, auto loan refinance calculator, and student loan refinance calculator.

How to use the amortization calculator

  1. Enter the loan amount.
  2. Enter the annual interest rate (APR).
  3. Enter the loan term in years.
  4. Optional: add an extra monthly principal payment.
  5. Read the monthly payment, total interest, and the yearly or monthly schedule.

Frequently asked questions

What is an amortization calculator?

An amortization calculator works out the fixed monthly payment on a loan and splits every payment into interest and principal. The amortization schedule shows how the balance falls month by month until the loan is paid off.

How is the monthly payment calculated?

The standard formula is P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. For example, $300,000 at 6.5% for 30 years is about $1,896.20 per month.

Why is so much of my early payment interest?

Interest is charged on the remaining balance, which is highest at the start. In the first month of a $300,000 loan at 6.5%, about $1,625 of the $1,896.20 payment is interest. As the balance drops, more of each payment goes to principal.

How do extra payments change the schedule?

Extra principal lowers the balance faster, so later interest charges shrink and the loan ends early. Enter an extra monthly amount to see the new payoff time and total interest. Check with your lender that extra payments go to principal.

Does the payment include taxes and insurance?

No. The result is principal and interest only. Mortgage payments often also include property tax, homeowners insurance, PMI, or HOA dues held in escrow, so your actual bill may be higher.

Can I use it for car loans, personal loans, or student loans?

Yes. Any fixed-rate loan with equal monthly payments amortizes the same way. Enter the loan amount, APR, and term in years (for example 5 for a 60-month car loan).

What happens at 0% interest?

With no interest, the payment is simply the loan amount divided by the number of months, and every dollar goes to principal. A $12,000 loan over 1 year is $1,000 per month.

Is my loan information saved or uploaded?

No. The amortization calculator runs entirely in your browser. Loan amounts and rates are not sent to a server or stored on our side, and there is no account.

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