Enter the loan terms
Use the loan amount, interest rate, and term to calculate the fixed monthly payment for an amortizing loan.
Loan payoff schedule tool
Amortization Calculator
Create a fixed-rate loan amortization schedule that shows how each payment is split between interest and principal, how the balance declines, and how extra payments can change the payoff path.
Schedule focus
Principal + Interest + Balance
Annual summary first, monthly detail when needed.
Loan details
Extra payments
The schedule updates instantly in your browser. No loan information is stored or sent to a server.
Monthly payment
$0
Enter loan details to generate an amortization schedule.
Total interest
$0
Total paid
$0
Payoff date
-
Interest saved
$0
Formula used
Payment = P x r(1 + r)^n / ((1 + r)^n - 1), then each period applies interest to the remaining balance.
Amortization schedule
Annual summary keeps the table readable. Switch to monthly detail for individual payments.
Principal
Interest
How to use this amortization calculator
Review principal versus interest
The schedule shows how early payments are more interest-heavy and later payments reduce principal faster.
Test extra payments
Extra monthly, yearly, or one-time payments are applied to principal and can shorten payoff time.
Choose the right schedule view
Use the annual view for quick reading and the monthly view when you need payment-by-payment detail.
Methodology: how the amortization schedule is built
For a fixed-rate installment loan, amortization is the process of paying down the balance over time through scheduled payments. The calculator first solves the fixed payment using the standard loan payment formula, then builds the schedule one period at a time.
For each payment period, interest is calculated from the remaining balance and monthly interest rate. The rest of the payment reduces principal. Extra monthly, annual, or one-time payments are applied as additional principal reductions in the schedule, which can reduce future interest and shorten the payoff date.
Interest for period = Remaining balance x monthly rate
Because interest is calculated from the remaining balance, the interest portion usually falls over time while the principal portion grows. The annual summary is designed for quick review, while the monthly table is better when you need payment-level detail.
Data and source notes: This calculator does not use live lender data. It uses the loan amount, note rate, term, start month, and extra payment assumptions entered on the page. It focuses on loan amortization, not accounting amortization for intangible assets or depreciation.
Practical examples
Mortgage payoff review
A homeowner can compare the standard schedule with an extra monthly principal payment to estimate payoff acceleration and interest savings.
Personal loan comparison
A borrower can compare a shorter loan term against a longer term to see how monthly payment and total interest change.
Auto loan planning
A car buyer can estimate how much interest remains after a certain month and whether a one-time principal payment is meaningful.
Related financial calculators
- Payment Calculator for solving monthly payment, payoff time, or loan amount.
- Mortgage Calculator for home loans with tax, insurance, PMI, HOA, and extra payment assumptions.
- Auto Loan Calculator for vehicle loans with tax, fees, trade-in equity, and rebates.
- Interest Calculator for compounding, APY, contributions, taxes, and inflation-adjusted value.
Assumptions and limitations
This calculator assumes a fixed interest rate, monthly payments, and extra payments applied directly to principal. Real lenders may use different rounding, payment timing, prepayment rules, fees, escrow costs, or APR disclosures.
It does not model adjustable-rate mortgages, interest-only periods, negative amortization, balloon payments, credit card revolving balances, or business accounting amortization.
Last reviewed: July 2, 2026. Editorial note: The calculator is built to make loan payoff math transparent, especially the relationship between principal, interest, extra payments, and remaining balance.
FAQ
What is an amortization schedule?
An amortization schedule shows each loan payment split between interest and principal, plus the remaining balance after each payment.
What is the difference between amortization and a payment calculator?
A payment calculator focuses on the payment amount. An amortization calculator focuses on the full schedule, showing interest, principal, and remaining balance over time.
Why is my first payment mostly interest?
Interest is based on the remaining balance. At the beginning of a loan, the balance is largest, so the interest portion is usually higher.
Do extra payments always save interest?
For a fixed-rate amortizing loan, extra principal payments usually reduce future interest because the remaining balance falls faster. Check whether your lender has prepayment penalties.
Can I use this for a mortgage?
Yes for principal and interest amortization. Use the Mortgage Calculator if you also need property tax, insurance, PMI, HOA, or escrow estimates.
Is amortization the same as APR?
No. Amortization is the payment schedule. APR is a cost measure that may include certain loan fees in addition to interest.
Why might lender numbers differ?
Lenders can round differently, apply payments on different dates, include fees, or use APR disclosures that are not the same as the note rate used here.
Can this calculator model adjustable-rate loans or balloon payments?
No. This calculator assumes a fixed interest rate and regular amortizing payments. Adjustable-rate loans, interest-only periods, balloon payments, negative amortization, and lender-specific fees require separate modeling.
This amortization calculator is for general informational purposes and simple loan math checks. It is not financial, lending, tax, legal, or investment advice. Verify loan terms, fees, APR, and prepayment rules with your lender or a qualified professional.