tools / finance
Loan Amortization Calculator
Generate a full amortization schedule for any mortgage, car loan, or personal loan. See your monthly payment, total interest paid, and principal-vs-interest breakdown for every payment.
$
%
Years
$1,995.91/mo
Total interest: $418,527
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,995.91 | $245.91 | $1,750.00 | $299,754.09 |
| 2 | $1,995.91 | $247.34 | $1,748.57 | $299,506.75 |
| 3 | $1,995.91 | $248.78 | $1,747.12 | $299,257.97 |
| 4 | $1,995.91 | $250.24 | $1,745.67 | $299,007.73 |
| 5 | $1,995.91 | $251.70 | $1,744.21 | $298,756.03 |
| 6 | $1,995.91 | $253.16 | $1,742.74 | $298,502.87 |
| 7 | $1,995.91 | $254.64 | $1,741.27 | $298,248.23 |
| 8 | $1,995.91 | $256.13 | $1,739.78 | $297,992.10 |
| 9 | $1,995.91 | $257.62 | $1,738.29 | $297,734.48 |
| 10 | $1,995.91 | $259.12 | $1,736.78 | $297,475.36 |
| 11 | $1,995.91 | $260.63 | $1,735.27 | $297,214.73 |
| 12 | $1,995.91 | $262.15 | $1,733.75 | $296,952.57 |
| 13 | $1,995.91 | $263.68 | $1,732.22 | $296,688.89 |
| 14 | $1,995.91 | $265.22 | $1,730.69 | $296,423.66 |
| 15 | $1,995.91 | $266.77 | $1,729.14 | $296,156.89 |
| 16 | $1,995.91 | $268.33 | $1,727.58 | $295,888.57 |
| 17 | $1,995.91 | $269.89 | $1,726.02 | $295,618.68 |
| 18 | $1,995.91 | $271.47 | $1,724.44 | $295,347.21 |
| 19 | $1,995.91 | $273.05 | $1,722.86 | $295,074.16 |
| 20 | $1,995.91 | $274.64 | $1,721.27 | $294,799.52 |
| 21 | $1,995.91 | $276.24 | $1,719.66 | $294,523.28 |
| 22 | $1,995.91 | $277.86 | $1,718.05 | $294,245.42 |
| 23 | $1,995.91 | $279.48 | $1,716.43 | $293,965.95 |
| 24 | $1,995.91 | $281.11 | $1,714.80 | $293,684.84 |
Months 1–24 of 360
FAQ
- What is amortization?
- Amortization spreads loan payments over a fixed period so each payment covers both interest and principal. Early payments are mostly interest; later payments are mostly principal. By the final payment, the balance reaches exactly zero.
- Why does the interest portion decrease each month?
- Each payment reduces the outstanding balance. Since interest is calculated on the remaining balance, less interest accrues each month as you pay the loan down — leaving more of each fixed payment to reduce principal.
- Can I pay off my loan early?
- Yes. Extra payments go directly toward principal, reducing your balance faster and saving significant interest. The earlier in the loan term you make extra payments, the greater the impact.
- What is an amortization schedule?
- An amortization schedule is a complete table listing every payment for the life of the loan. Each row shows the payment number, total payment amount, how much covers interest, how much reduces the principal, and the remaining balance after that payment.
- Does this calculator work for car loans and personal loans?
- Yes. Enter any loan amount, annual interest rate, and term — the calculator works for mortgages, auto loans, personal loans, student loans, or any fixed-rate installment loan. The amortization math is the same regardless of loan type.
- How much total interest will I pay over the life of my loan?
- Total interest is shown in the summary above the schedule. On a $300,000 mortgage at 7% over 30 years, total interest exceeds $418,000 — more than the original loan. Shortening the term, increasing your rate payment, or making extra payments significantly reduces this figure.
- How do extra payments reduce total interest?
- Extra payments go entirely toward principal, which reduces the balance that future interest is calculated on. Even $100 extra per month on a 30-year mortgage can eliminate years of payments and save tens of thousands in interest. The earlier you start, the larger the savings.
ABOUT THIS TOOL
Enter your loan amount, annual interest rate, and term to generate a full payment-by-payment amortization schedule. Each row shows the payment number, how much goes to interest, how much reduces principal, and the remaining balance afterward. It works for mortgages, auto loans, personal loans, and student loans alike. Because the schedule is calculated payment by payment rather than shown as a single monthly figure, you can pinpoint exactly when your balance crosses a certain threshold, how much interest you'll have paid by any given month, and how much faster you'd pay off the loan — and how much interest you'd save — by adding extra principal payments.
HOW TO USE
- Enter the loan principal, annual interest rate, and loan term.
- Generate the schedule to see every payment listed individually.
- Check any row to see the interest-vs-principal split for that payment.
- Watch the running balance column to track payoff progress.
- Re-run with a shorter term or extra payments to compare total interest.
- Use the total interest figure to compare loan offers side by side.
COMMON USE CASES
- A car buyer comparing a 60-month vs. 72-month auto loan to see the total interest difference.
- A homeowner checking how much of their balance will be paid off in 5 years to decide if refinancing then makes sense.
- A borrower figuring out how much interest they'd save by paying an extra $100 a month toward principal.
- A student loan borrower estimating how many payments remain before the balance drops below a certain amount.
- Someone comparing two lender offers with different rates and terms to see which has the lower total cost, not just the lower monthly payment.
TIPS & COMMON MISTAKES
- The monthly payment can look similar across different loans while total interest paid varies a lot — always compare the total interest column too.
- Extra payments applied to principal, especially early in the schedule, remove future interest rather than future payments — check the updated payoff date.
- Auto and personal loans often use the same amortization math as mortgages, just over shorter terms with different rates.
- Watch for loans with prepayment penalties — this calculator assumes no penalty for paying extra, which may not match your actual loan terms.
MORE QUESTIONS
- Why does the interest portion of my payment shrink over time even though the payment stays the same?
- In a standard amortizing loan, interest is charged only on the remaining balance. As you pay down principal, the balance drops, so each fixed payment includes a little less interest and a little more principal than the last.
- Can I use this for a loan with a variable rate?
- This schedule assumes a fixed rate for the full term. For a variable-rate loan, run the calculator separately for each rate period, since the amortization recalculates whenever the rate changes.
- How is this different from just knowing the monthly payment?
- The monthly payment alone doesn't tell you the balance at any point in time or how much total interest you're paying. The full schedule reveals that two loans with a similar payment can have very different total interest costs depending on the rate and term.
- Does an extra principal payment reduce my required monthly payment?
- No — an extra payment reduces the balance, which reduces future interest, but on most loans your required monthly payment stays the same and the loan simply pays off sooner. Some lenders allow re-amortization to lower the payment instead; check your loan terms.
RELATED GUIDES
What is a Mortgage?
How mortgages work, what PITI means, how amortization determines what you pay, and fixed vs. adjustable rates explained.
What is APR?
The difference between APR and interest rate, how APR is calculated, what fees are included, how credit card APR works, and APR vs APY.
How Interest Rates Work
Simple vs compound interest, fixed vs variable rates, how the Fed funds rate affects your loans and savings, and the difference between nominal and real rates.
How Loan Amortization Works
What amortization means, why early payments are mostly interest, how to read an amortization schedule, and when extra payments save money.
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