Amortization Calculator
Monthly Pay: $1,687.71
Repayment
- Total of 180 monthly payments
- $303,788.46
- Total Interest
- $103,788.46
- Payoff Date
- Nov 2041
Amortization schedule
| Year | Date | Interest | Principal | Ending balance |
|---|---|---|---|---|
| 1 | Nov 2027 | $11,769.23 | $8,483.33 | $191,516.67 |
| 2 | Nov 2028 | $11,246.00 | $9,006.57 | $182,510.10 |
| 3 | Nov 2029 | $10,690.49 | $9,562.07 | $172,948.02 |
| 4 | Nov 2030 | $10,100.72 | $10,151.84 | $162,796.18 |
| 5 | Nov 2031 | $9,474.58 | $10,777.98 | $152,018.20 |
| 6 | Nov 2032 | $8,809.82 | $11,442.75 | $140,575.45 |
| 7 | Nov 2033 | $8,104.05 | $12,148.51 | $128,426.94 |
| 8 | Nov 2034 | $7,354.76 | $12,897.80 | $115,529.13 |
| 9 | Nov 2035 | $6,559.25 | $13,693.31 | $101,835.82 |
| 10 | Nov 2036 | $5,714.68 | $14,537.89 | $87,297.94 |
| 11 | Nov 2037 | $4,818.01 | $15,434.55 | $71,863.38 |
| 12 | Nov 2038 | $3,866.04 | $16,386.52 | $55,476.86 |
| 13 | Nov 2039 | $2,855.36 | $17,397.21 | $38,079.66 |
| 14 | Nov 2040 | $1,782.34 | $18,470.23 | $19,609.43 |
| 15 | Nov 2041 | $643.13 | $19,609.43 | $0.00 |
Balance, interest, and payments over time
- Balance
- Interest
- Payments
What amortization means
Amortization is the process of paying off a loan in regular installments. Each payment covers the interest owed for the period and reduces the remaining principal. Early payments are mostly interest; later payments go more toward principal.
How to use this calculator
- Enter the loan amount.
- Enter the loan term in years and months.
- Enter the annual interest rate.
- Choose the month the loan starts.
- Click Calculate to see the monthly payment, total interest, and amortization schedule.
Amortization formula
The monthly payment for a fixed-rate loan is:
M = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, the monthly payment is P / n.
The amortization schedule shows, for each period:
- Payment date
- Interest paid
- Principal paid
- Remaining balance
What the results include
- Monthly payment: the scheduled principal and interest payment.
- Total of N monthly payments: the sum of all scheduled payments.
- Total interest: the cost of borrowing over the life of the loan.
- Payoff date: the month of the final scheduled payment.
- Amortization schedule: annual and monthly views, plus a balance chart.
This version does not include extra monthly, annual, or one-time payments. It also does not include taxes, insurance, or lender fees.
Frequently asked questions
What is the difference between amortization and a balloon loan?
A fully amortized loan reaches a zero balance at the end of the term. A balloon loan leaves a large balance due at maturity. This calculator models a fully amortized loan.
Why is most of my early payment interest?
Interest is charged on the remaining balance. The balance is highest at the start, so the interest portion is highest then and falls over time.
Can I make extra payments?
This version shows the scheduled payment only. Extra payments can shorten the loan term and reduce interest, but they are not modeled here.
Source
Reference: Consumer Financial Protection Bureau — Loans.
Disclaimer
This calculator is for informational and planning purposes only. It is not a loan offer, financial advice, or a guarantee of financing terms. Confirm all figures with a qualified lender or financial professional.