Amortization Calculator

See every payment of a loan laid out, with the interest, principal and remaining balance, by month or by year.

Monthly payment
—
Total interest
—
Total of all payments
—
Balance is half paid after
—

Amortization schedule

YearPaymentInterestPrincipalBalance
1$17,986.52$14,916.49$3,070.03$246,929.97
2$17,986.52$14,727.13$3,259.38$243,670.59
3$17,986.52$14,526.10$3,460.41$240,210.18
4$17,986.52$14,312.67$3,673.84$236,536.33
5$17,986.52$14,086.08$3,900.44$232,635.89
6$17,986.52$13,845.51$4,141.01$228,494.88
7$17,986.52$13,590.10$4,396.42$224,098.46
8$17,986.52$13,318.94$4,667.58$219,430.89
9$17,986.52$13,031.05$4,955.47$214,475.42
10$17,986.52$12,725.41$5,261.11$209,214.31
11$17,986.52$12,400.91$5,585.60$203,628.71
12$17,986.52$12,056.41$5,930.11$197,698.60
13$17,986.52$11,690.65$6,295.87$191,402.74
14$17,986.52$11,302.34$6,684.18$184,718.56
15$17,986.52$10,890.07$7,096.45$177,622.11
16$17,986.52$10,452.38$7,534.14$170,087.97
17$17,986.52$9,987.69$7,998.83$162,089.14
18$17,986.52$9,494.34$8,492.18$153,596.97
19$17,986.52$8,970.56$9,015.96$144,581.01
20$17,986.52$8,414.47$9,572.04$135,008.97
21$17,986.52$7,824.09$10,162.42$124,846.54
22$17,986.52$7,197.29$10,789.22$114,057.32
23$17,986.52$6,531.84$11,454.68$102,602.64
24$17,986.52$5,825.34$12,161.18$90,441.47
25$17,986.52$5,075.27$12,911.25$77,530.22
26$17,986.52$4,278.93$13,707.59$63,822.63
27$17,986.52$3,433.47$14,553.04$49,269.59
28$17,986.52$2,535.87$15,450.64$33,818.95
29$17,986.52$1,582.91$16,403.60$17,415.34
30$17,986.52$571.17$17,415.34$0.00

🔒 Runs entirely in your browser. Nothing you enter is sent to a server.

An amortization schedule shows every payment on a loan and where the money goes: how much pays interest, how much reduces the principal, and what you still owe afterwards. It explains why the balance falls so slowly in the early years, and it is the clearest way to see what a loan really costs. This calculator builds the schedule for any fixed-rate loan, by year or by month.

How to use the amortization calculator

  1. Enter the loan amount, the interest rate and the term in years.
  2. Choose whether to view the schedule by year or by month.

The results show the monthly payment, the total interest, the total of all payments, and when the loan is half paid off. The table lists each period’s payment, interest, principal and remaining balance.

The amortization formula

The fixed monthly payment is:

payment = P × r ÷ (1 − (1 + r)^−n)

P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of payments. Each month:

interest = balance × r
principal = payment − interest
new balance = balance − principal

Because the payment stays the same while the interest shrinks, the principal part grows every month. The final payment is adjusted by a few cents so the balance ends at exactly zero.

Worked example

A $250,000 loan at 6% for 30 years:

  • Monthly payment: $1,498.88.
  • Month 1: interest = 250,000 × 0.005 = $1,250.00, principal = $248.88.
  • Year 1 in total: $14,916.49 of interest and only $3,070.03 of principal, leaving $246,929.97.
  • The balance isn’t half paid until month 252, in year 21.
  • Over the full term, you pay $289,595.47 in interest, $539,595.47 in total.

Reading the schedule

  • The crossover point. Early payments are mostly interest. Somewhere in the middle of the term, the principal part becomes larger than the interest part. On this loan, that happens in year 19.
  • Equity builds slowly at first. If you sell a home or a car in the first few years, you will have repaid far less principal than the payments suggest.
  • Total interest is the real price. Compare it across terms and rates, not just the monthly payment.
  • Timing of extra payments matters. $1,000 paid toward principal in year 1 of this loan saves far more interest than the same $1,000 in year 25, because it stops interest being charged on that money for almost the whole term. The schedule shows where you are on that curve, so you can decide when prepaying is worth it.

To see how extra payments shorten this schedule, use the loan payoff calculator. For a mortgage with tax and insurance included, use the mortgage calculator.

Common mistakes

  • Assuming each payment cuts the balance by the full amount. Only the principal part does.
  • Using an annual rate per month. The calculator divides the yearly rate by 12 for you. Don’t do it twice.
  • Applying this to interest-only or variable-rate loans. Their payments aren’t level, so the schedule would be different.
  • Ignoring escrow. Your mortgage payment may include property tax and insurance, which aren’t part of the amortization.

Frequently asked questions

What does amortization mean?

Amortization is repaying a loan with equal, regular payments that cover both interest and principal, so the balance reaches zero at the end of the term. Mortgages, car loans and most personal loans are amortized.

Why do I pay so much interest at the start of a loan?

Interest is charged on the balance you still owe, which is largest at the start. On a $250,000 loan at 6%, the first payment of $1,498.88 includes $1,250 of interest and only $248.88 of principal. By the last payment, it is $7.46 of interest and $1,491.42 of principal.

How do extra payments change an amortization schedule?

An extra payment goes straight to principal, so every later payment carries less interest and the loan ends sooner. Use the loan payoff calculator to see the effect of a regular extra amount.

Is a 15-year loan really that much cheaper than a 30-year loan?

Usually, yes. A $250,000 loan at 6% costs $289,595 in interest over 30 years but $129,736 over 15 years. The monthly payment is higher, $2,109.64 instead of $1,498.88, and lenders often offer a lower rate for the shorter term too.

Last updated October 31, 2026 · By the ZTool team