Amortization Calculator
Use this free amortization calculator to see exactly how any loan gets paid off. Enter the amount you borrowed, the interest rate and the term, and get a full month-by-month schedule — how much of every payment goes to principal, how much to interest, and what's left owing.
Add an extra monthly payment and watch the payoff date jump forward and total interest fall. See the principal-vs-interest split at a glance and download-ready year-by-year table. No account, no sign-up, no spreadsheet.
▶ Set a start date
▸ Show schedule
| Year | Principal | Interest | Balance |
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Estimates are for illustration and education only — not a loan offer. Actual schedules depend on your lender, compounding method and payment timing.
How amortization works
Every payment is the same size, but its makeup shifts. Each month you're charged interest on the balance that's left; the rest of your fixed payment chips away at the principal. As the balance shrinks, the interest slice shrinks too — so more of each payment goes to principal over time.
Common amortization scenarios
Three typical loans. Load any one into the calculator and adjust from there.
How to use the amortization calculator
Four short steps. Change any field and the payment, schedule and chart update instantly.
Enter the loan amount
The principal you're borrowing — a mortgage, auto loan, student loan or personal loan all work the same way.
Set rate and term
Type your annual interest rate and drag the term slider. A shorter term raises the payment but slashes total interest.
Add an extra payment
Enter any extra amount toward principal each month to see how much interest and time you'd save.
Read the schedule
Toggle between a yearly summary and full monthly detail, and hover the chart to see the balance at any point.
What an amortization schedule tells you
An amortization schedule is the month-by-month plan for paying off a loan with fixed payments. It answers three questions at once: what you pay each period, how that payment is split between interest and principal, and how much you still owe. Because the split changes every month, the schedule is the only honest way to see where your money actually goes.
Why early payments barely dent the balance
At the start, the balance is large, so the interest charge is large — and it eats most of your payment. Only the leftover reduces principal. This is front-loaded interest, and it's why a loan you've paid for years can still have a balance close to what you borrowed. The chart's steep-then-shallow curve shows it clearly.
The power of extra payments
Any dollar you add on top of the regular payment goes entirely to principal. That permanently removes the interest that dollar would have generated for the rest of the loan — which is why even a small, steady extra payment can save tens of thousands and cut years off the term. Try a modest number in the extra-payment field and watch the savings row.
Works for any fixed-rate loan
Mortgages, car loans, student loans and personal loans all amortize the same way. Only the amounts and terms differ. Use this tool to compare a 15- vs 30-year mortgage, decide whether to round up your car payment, or plan an aggressive student-loan payoff.
Who it's for
Anyone with a loan — or thinking about taking one. You don't need any financial background, just the amount, the rate and the term.
Comparing home loans specifically? Try the mortgage calculator with taxes and insurance, or browse all our free tools.