Enter your loan amount, annual rate, and term to get the monthly payment plus a full yearly or monthly amortization schedule.
Toggle Yearly / Monthly above to change the breakdown below.
An amortization schedule is a table that shows how every payment on a fixed-rate loan splits between principal and interest, period by period, and how the remaining balance falls until it hits zero on the final payment. It's the same information behind the payoff numbers on the Loan Calculator and Mortgage Calculator, just laid out row by row instead of as a single total.
Interest is charged each period only on the balance you still owe, and early in the loan that balance is at its largest, so interest claims the biggest share of a level payment. As the balance shrinks month after month, the same fixed payment sends a growing portion to principal — which is why the "principal paid" column below starts small and accelerates toward the end of the term.
The annual rate is converted to a monthly rate (i = annual rate ÷ 12 ÷ 100), and the payment is solved so it pays the loan off exactly across the full term: payment = P × i ÷ (1 − (1 + i)−n), where P is the loan amount and n is the number of months. This is the standard formula behind nearly every fixed-rate personal loan, auto loan, and mortgage.
Any extra amount goes straight to principal, and because interest only accrues on the remaining balance, that removes not just the extra amount itself but all the future interest it would have generated — shortening the term and cutting total interest paid. This calculator shows the standard schedule only and doesn't model extra payments directly; for that, use the Debt Payoff Calculator, which is built specifically around prepayment strategies.
No — the numbers here are principal and interest only. If you're financing a home and want property tax, homeowners insurance, and PMI included, use the Mortgage Calculator for a full PITI (principal, interest, taxes, insurance) breakdown instead.
Worked example: a $300,000 loan at 6.5% annual interest over 30 years has a monthly payment of $1,896.20. Over the full 360 payments, total interest comes to $382,633.47, bringing the total cost of the loan to $682,633.47 — more than double the amount borrowed, which is exactly why the term and rate matter as much as the loan amount itself.