Amortization Calculator
See exactly how a loan is paid off over time. Enter the loan amount, interest rate and term, and the calculator shows your monthly payment, the total interest, and a year-by-year schedule of how much goes to interest, how much to principal and what is left to pay.
$
%
Monthly payment
$1,498.88
Total interest$289,595.47
Total of payments$539,595.47
| Year | Interest | Principal | Balance |
|---|
How it works
Each month, interest is charged on the remaining balance (balance × monthly rate). The rest of the fixed payment reduces the principal. Early on, most of the payment is interest; over time more goes to principal. The schedule adds these up for each year until the balance reaches zero.
Frequently asked questions
What is an amortization schedule?
It is a table showing how each payment splits between interest and principal over the life of the loan, and how the balance falls to zero.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start, so a larger share of each early payment goes to interest.
Does this work for any fixed-rate loan?
Yes. It works for mortgages, auto loans, personal loans and any loan with a fixed rate and regular payments.