What is amortization?

Amortization is paying off a loan in equal instalments over time. Each payment covers that month's interest first, and the rest reduces what you owe. Because the balance is high at the start, early payments are mostly interest, and later ones are mostly principal. An amortization schedule lists every payment so you can see the split.

How is the monthly payment worked out?

With the standard fixed-rate loan formula: M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of payments. A $100,000 loan at 6% for 30 years gives $599.55 a month. The calculator rounds interest to the cent each month and the last payment clears the exact balance, as a lender's does.

How do extra payments save money?

An extra payment goes straight to principal, so next month's interest is charged on a smaller balance. Over many years that adds up. On a $200,000 loan at 6.5% for 30 years, an extra $200 a month pays it off about 9 years early and saves around $90,000 in interest. Enter your own extra amount to see your numbers.

Why are early payments mostly interest?

Interest is charged on the balance you still owe, and at the start that's the whole loan. On $100,000 at 6%, the first payment's interest is $500 of the $599.55. By the end the balance is small, so almost all of each payment is principal.

Does it work for mortgages, car loans and personal loans?

Yes, for any loan with a fixed rate and equal monthly payments. It doesn't include property tax, insurance, PMI or other escrow items on a mortgage, and it can't model variable rates or interest-only periods.

Why might my lender's schedule be different?

Lenders may count interest by the day, round differently, charge fees or take the first payment on a different date. Small differences of a few dollars over the life of the loan are normal. Use your lender's own statement for the exact figures.

Is the amortization calculator free, and is my data kept?

Yes, it's free to use and needs no account. The sums run in your browser, and the numbers you type stay on your device.

Calculators

Free Amortization Calculator: Schedule and Extra Payments

Free, no sign-up, works in your browser. Enter a loan amount, interest rate and term to see your monthly payment, a full payment-by-payment amortization schedule, the payoff date and the total interest. Add an extra monthly payment to see how many months and how much interest you'd save. For a mortgage, car loan or personal loan with a fixed rate. An estimate, not financial advice.

Loan amount

$

Interest rate (APR)

%

Loan term

Extra payment each month

$

More

First payment date

Currency

Monthly payment$1,580.17

Total interest: $318,861.58
Total paid: $568,861.58
Payoff date: –
Number of payments: 360

Payment schedule

By yearBy month

Year	Paid	Principal	Interest	Balance
Year 1	$18,962.04	$2,794.31	$16,167.73	$247,205.69
Year 2	$18,962.04	$2,981.45	$15,980.59	$244,224.24
Year 3	$18,962.04	$3,181.11	$15,780.93	$241,043.13
Year 4	$18,962.04	$3,394.18	$15,567.86	$237,648.95
Year 5	$18,962.04	$3,621.47	$15,340.57	$234,027.48
Year 6	$18,962.04	$3,864.03	$15,098.01	$230,163.45
Year 7	$18,962.04	$4,122.80	$14,839.24	$226,040.65
Year 8	$18,962.04	$4,398.91	$14,563.13	$221,641.74
Year 9	$18,962.04	$4,693.51	$14,268.53	$216,948.23
Year 10	$18,962.04	$5,007.84	$13,954.20	$211,940.39
Year 11	$18,962.04	$5,343.24	$13,618.80	$206,597.15
Year 12	$18,962.04	$5,701.08	$13,260.96	$200,896.07
Year 13	$18,962.04	$6,082.88	$12,879.16	$194,813.19
Year 14	$18,962.04	$6,490.26	$12,471.78	$188,322.93
Year 15	$18,962.04	$6,924.94	$12,037.10	$181,397.99
Year 16	$18,962.04	$7,388.71	$11,573.33	$174,009.28
Year 17	$18,962.04	$7,883.57	$11,078.47	$166,125.71
Year 18	$18,962.04	$8,411.52	$10,550.52	$157,714.19
Year 19	$18,962.04	$8,974.87	$9,987.17	$148,739.32
Year 20	$18,962.04	$9,575.92	$9,386.12	$139,163.40
Year 21	$18,962.04	$10,217.24	$8,744.80	$128,946.16
Year 22	$18,962.04	$10,901.51	$8,060.53	$118,044.65
Year 23	$18,962.04	$11,631.61	$7,330.43	$106,413.04
Year 24	$18,962.04	$12,410.60	$6,551.44	$94,002.44
Year 25	$18,962.04	$13,241.75	$5,720.29	$80,760.69
Year 26	$18,962.04	$14,128.59	$4,833.45	$66,632.10
Year 27	$18,962.04	$15,074.80	$3,887.24	$51,557.30
Year 28	$18,962.04	$16,084.40	$2,877.64	$35,472.90
Year 29	$18,962.04	$17,161.59	$1,800.45	$18,311.31
Year 30	$18,962.42	$18,311.31	$651.11	$0.00

The final payment is $1,580.55: it clears the exact balance, so it can differ by a few cents.

An estimate, not financial advice.

Why use the Amortization Calculator

Every payment on one page: Switch between a yearly summary and the full month-by-month table, with dates.
Extra payments shown clearly: See the new payoff date, the months saved and the interest saved next to the original loan.
Exact to the cent: Money is worked out in whole cents and the last payment clears the balance, so the totals add up.
100% free: Use it as often as you like. No sign-up, no watermark, nothing to install.
Private by design: What you type stays in your browser and is never sent to us.
Works on any device: Runs in your browser on Windows, Mac, Linux, Android and iPhone. No app needed.

Who it's for

Seeing the cost of a mortgage: Check how much of your payments over 15 or 30 years is interest, and how the balance falls year by year.
Paying a loan off early: Try an extra $50, $100 or $500 a month and see the payoff date move.
Checking a lender's schedule: Enter the same amount, rate and term and compare the figures line by line.
Comparing two loan offers: Run both and compare the total interest, not just the monthly payment.
Knowing what you still owe: Find the balance after any payment, for a refinance, a sale or a tax question.

How Amortization Calculator compares

Your lender's online account: It shows your real balance and payments, including fees and escrow. Use this calculator to look ahead and test extra payments before you commit.
A spreadsheet template: Excel and Google Sheets can build an amortization table with PMT, IPMT and PPMT. This page does that for you and adds the extra-payment comparison.
The Mortgage Calculator on this site: It adds property tax, home insurance, HOA fees and PMI for a full monthly housing cost. This one is for the loan itself, any loan, with a full schedule.

How to use the Amortization Calculator

Enter the loan amount and the yearly interest rate (APR).
Enter the loan term in years or months, and the date of the first payment so the payoff date is right.
To see what paying extra does, enter an extra monthly payment.
Read your payment, total interest and payoff date, then scroll the schedule by year or by month.

Frequently asked questions

What is amortization?: Amortization is paying off a loan in equal instalments over time. Each payment covers that month's interest first, and the rest reduces what you owe. Because the balance is high at the start, early payments are mostly interest, and later ones are mostly principal. An amortization schedule lists every payment so you can see the split.
How is the monthly payment worked out?: With the standard fixed-rate loan formula: M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of payments. A $100,000 loan at 6% for 30 years gives $599.55 a month. The calculator rounds interest to the cent each month and the last payment clears the exact balance, as a lender's does.
How do extra payments save money?: An extra payment goes straight to principal, so next month's interest is charged on a smaller balance. Over many years that adds up. On a $200,000 loan at 6.5% for 30 years, an extra $200 a month pays it off about 9 years early and saves around $90,000 in interest. Enter your own extra amount to see your numbers.

Why are early payments mostly interest?: Interest is charged on the balance you still owe, and at the start that's the whole loan. On $100,000 at 6%, the first payment's interest is $500 of the $599.55. By the end the balance is small, so almost all of each payment is principal.
Does it work for mortgages, car loans and personal loans?: Yes, for any loan with a fixed rate and equal monthly payments. It doesn't include property tax, insurance, PMI or other escrow items on a mortgage, and it can't model variable rates or interest-only periods.
Why might my lender's schedule be different?: Lenders may count interest by the day, round differently, charge fees or take the first payment on a different date. Small differences of a few dollars over the life of the loan are normal. Use your lender's own statement for the exact figures.
Is the amortization calculator free, and is my data kept?: Yes, it's free to use and needs no account. The sums run in your browser, and the numbers you type stay on your device.