Loan Amortization Schedule Calculator

Enter a loan amount, interest rate, term, and payment frequency to see your regular payment, total interest, total cost, and a complete amortization table showing how each payment reduces your balance.

Inputs
Summary

Regular payment

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Total interest

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Total paid

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Results assume a fixed-rate, fully amortizing loan. Extra payments (if enabled) are added on top of the regular payment.

# Payment Principal Interest Balance
Enter loan details above and click “Calculate” to see the full amortization schedule.

What is an amortization schedule?

An amortization schedule is a table that shows every payment on a loan and how it breaks down into principal and interest. For each period it displays:

  • The payment number (1, 2, 3, …)
  • The total payment amount for that period
  • How much of that payment is interest
  • How much goes toward principal
  • The remaining balance after the payment

This calculator builds that schedule for fixed-rate loans such as mortgages, personal loans, auto loans, and many business loans.

Loan payment formula

For a standard fully amortizing loan, the regular payment is computed from the loan amount, the interest rate, and the number of payments: 

Payment = P × r ÷ (1 − (1 + r)^(−n))

where
P = loan amount (principal)
r = periodic interest rate (annual rate ÷ payments per year)
n = total number of payments (years × payments per year)

If the interest rate is 0%, the formula simplifies to: Payment = P ÷ n (every payment is pure principal).

How this calculator works

  1. Convert the annual percentage rate (APR) into a rate per payment period.
  2. Calculate the payment using the amortization formula (or simple division at 0% interest).
  3. For each period:
    • Interest = current balance × periodic rate
    • Principal = payment − interest
    • Balance = previous balance − principal
  4. On the last row, we adjust the numbers slightly so the balance ends at zero after rounding.

If you enable extra payments, a fixed extra amount is added to each scheduled payment, which reduces the balance faster and lowers the total interest.

Example — 30-year mortgage

Suppose you borrow $300,000 at 6% interest for 30 years with monthly payments:

  • Loan amount: 300,000
  • Interest rate: 6% (0.06 annual)
  • Payments per year: 12
  • Total payments: 30 × 12 = 360

The monthly payment is about $1,798.65. Over the life of the loan you pay more than $347,000 in interest, for a total cost of roughly $647,000. The first few payments are mostly interest, but as the balance drops, more of each payment goes toward principal.

Why use an amortization schedule?

  • See where your money goes: how much you pay in interest versus principal over time.
  • Plan prepayments: experiment with extra payments to see how much interest you save.
  • Compare loan offers: small changes in rate or term can drastically change total cost.
  • Track payoff dates: know exactly when the balance is expected to reach zero.

How to use this calculator

Inputs

  • Loan amount: the amount you borrow today.
  • Interest rate (annual %): nominal annual rate (for example, 6.5 for 6.5%).
  • Term (years): how long you will take to repay the loan.
  • Payment frequency: monthly, biweekly, weekly, or annual payments.
  • Extra payment / period (optional): additional amount you plan to pay every period.

Outputs

  • Regular payment: the minimum required payment each period (before any extra).
  • Total interest: sum of all interest over the schedule.
  • Total paid: principal plus interest (and before any fees, taxes, or insurance).
  • Amortization table: payment-by-payment breakdown of balance, principal, and interest.

Remember that real-world loans may include fees, escrow, taxes, insurance, or compounding rules that are not modeled here. Always compare against your lender’s disclosures.

FAQs

Does this calculator support variable rates?

No. This page assumes a constant interest rate for the entire term. For variable-rate loans you can model each fixed-rate period separately or export the schedule and adjust it manually.

What about interest-only loans?

Interest-only periods are not built in. However, you can estimate them by temporarily setting a very long term and looking at the first few rows where payments are mostly interest.

Why is my lender’s payment a few cents different?

Lenders may round each payment or interest charge differently (for example, rounding each month instead of at the end), which can create small differences from this schedule. The overall behavior should still be very similar.

Can I download or print the schedule?

You can select the schedule table and copy it into a spreadsheet, or print the page using your browser’s print function. A future update may add a direct export option.