Amortization Calculator
Calculate monthly payments and view a full amortization schedule.
Enter Loan Details
Your Results
Monthly Payment
$1,687.71
| Monthly | Total |
|---|---|
| $1,687.71 | $303,788.46 |
| $687.71 | $103,788.46 |
Amortization Schedule
| Year | Interest | Principal | Ending Balance |
|---|
| Year | Interest | Principal | Ending Balance |
|---|
Understanding Loan Amortization
What is Amortization?
Amortization spreads a loan into fixed payments over time. Each payment covers interest due and reduces principal so your balance declines to zero by the end of the term.
How to Use This Calculator
- Enter basics: loan amount, term in years, and annual interest rate.
- Optional extras: turn on extra payments to see time and interest savings.
- Review results: monthly payment and a schedule by year or month.
Key Formula
Monthly Payment (Fixed-Rate):
M = P · r / (1 − (1 + r)−n)
P = principal, r = monthly rate, n = total payments
P = principal, r = monthly rate, n = total payments
Benefits
- See costs clearly: total payments and total interest.
- Plan prepayments: measure impact of monthly or annual extras.
- Compare loans: test terms and rates to fit your budget.