Free calculator
Loan Amortization Calculator
This tool lays out a loan month by month, showing how every payment divides into interest and principal and how the balance falls over the term.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
An amortization schedule records, for each month, the interest charged, the principal repaid, and the balance that remains.
Each month follows the same three steps:
- Interest = balance × i, where i is the annual rate ÷ 1,200.
- Principal = payment − interest.
- New balance = balance − principal.
The payment itself comes from Payment = P × i ÷ (1 − (1 + i)−n). The closing payment is trimmed so the balance finishes at exactly zero.
At 0% the whole payment is principal and the balance drops in equal steps.