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Loan Amortization Calculator

See where every payment goes. Enter the loan amount, rate, and term to get the monthly payment, total interest, and a full amortization schedule, and add an extra monthly payment to see how much interest and time it saves.

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%
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Optional, applied to principal

Monthly payment
$1,580.17
Total interest
$318,861.22
Total paid
$568,861.22
Paid off in
30 years

Amortization schedule

YearPrincipalInterestBalance
1$2,794.31$16,167.73$247,205.69
2$2,981.45$15,980.59$244,224.23
3$3,181.13$15,780.91$241,043.10
4$3,394.17$15,567.87$237,648.93
5$3,621.49$15,340.55$234,027.44
6$3,864.03$15,098.02$230,163.42
7$4,122.81$14,839.23$226,040.61
8$4,398.92$14,563.12$221,641.69
9$4,693.52$14,268.52$216,948.17
10$5,007.86$13,954.18$211,940.32
11$5,343.24$13,618.80$206,597.07
12$5,701.09$13,260.95$200,895.99
13$6,082.90$12,879.14$194,813.09
14$6,490.28$12,471.76$188,322.80
15$6,924.95$12,037.09$181,397.85
16$7,388.73$11,573.31$174,009.13
17$7,883.56$11,078.48$166,125.56
18$8,411.54$10,550.50$157,714.02
19$8,974.88$9,987.16$148,739.15
20$9,575.94$9,386.10$139,163.21
21$10,217.26$8,744.78$128,945.95
22$10,901.53$8,060.51$118,044.42
23$11,631.62$7,330.42$106,412.80
24$12,410.61$6,551.43$94,002.18
25$13,241.78$5,720.26$80,760.41
26$14,128.60$4,833.44$66,631.80
27$15,074.82$3,887.22$51,556.98
28$16,084.41$2,877.63$35,472.57
29$17,161.61$1,800.43$18,310.96
30$18,310.96$651.08$0.00

How amortization works

  • Monthly payment = loan × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (annual rate ÷ 12) and n is the number of payments
  • Each month, interest = remaining balance × r, and the rest of the payment reduces the balance
  • An extra payment goes straight to the balance, so later interest is charged on less

Example. A $250,000 loan at 6.5% for 30 years has a payment of $1,580.17. Over 360 payments you pay $318,861.22 in interest, $568,861.22 in all. Adding $200 a month pays the loan off in 265 months, 95 months sooner, and saves about $97,618 in interest.

Things to check

  • Early payments are mostly interest. On the example loan, the first payment is about $1,354 of interest and $226 of principal. The mix shifts toward principal as the balance falls.
  • This works for fixed-rate loans such as mortgages, auto loans, and personal loans. It does not model adjustable rates, interest-only periods, or balloon payments.
  • Make sure extra payments are applied to principal. Some lenders apply them to the next payment unless you say otherwise.
  • Taxes, insurance, and mortgage insurance are not in the monthly payment here. For a payment with those, use the FHA or VA calculator.

Frequently asked questions

What is an amortization schedule?

A table that lists every payment on a loan and splits each one into interest and principal, with the remaining balance after it.

Why is most of my early payment interest?

Interest is charged on the remaining balance, which is highest at the start. As you pay principal down, less interest accrues and more of each payment goes to principal.

How do extra payments save money?

An extra payment reduces the balance right away, so every later month accrues less interest and the loan ends sooner. Even a small extra amount each month adds up over a long loan.

Does this include property taxes and insurance?

No. It shows principal and interest only. A mortgage payment with taxes, insurance, and mortgage insurance is higher.

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Calculators give estimates from the numbers you enter. They are not tax, legal, or accounting advice.