Amortization Calculator
Generate a complete loan amortization schedule showing principal, interest, and balance for each payment
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See Every Payment of Your Loan
Understand exactly where your money goes with each loan payment. Our amortization calculator generates a complete payment schedule showing how much goes to principal vs. interest, remaining balance after each payment, and total cost over the loan life. See the impact of extra payments on payoff time.
What is Amortization?
Amortization is the process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments mostly reduce principal. A 30-year mortgage might have 60% of early payments going to interest. This schedule shows exactly how your loan balance decreases over time.
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]How to Use This Calculator
Amortization Analysis
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See how a 30-year vs 15-year mortgage affects payments and total interest.
Extra Payment Strategy
Calculate optimal extra payment amount to reach payoff goal.
Refinance Analysis
Compare your current amortization to potential refinance schedule.
Frequently Asked Questions
Interest is calculated on the remaining balance. With a large balance at the start, more interest accrues. As you pay down principal, less interest accrues and more payment goes to principal.