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Amortization Calculator - Loan Payment Schedule
Free amortization calculator. Calculate monthly payment, total interest, and see how your loan is paid off over time.
Amortization Calculator
Calculate loan payments and interest
Results
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What is Amortization?
Amortization is the process of paying off a loan through regular payments. Each payment covers interest and reduces the principal. Early payments are mostly interest; later payments are mostly principal.
Amortization Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M=monthly payment, P=principal, r=monthly interest rate, n=total payments. A 30-year mortgage has 360 payments.
Frequently Asked Questions
Why do I pay more interest at the start?
Interest is calculated on the remaining balance. With a large balance at the start, more of your payment goes to interest. As you pay down principal, more goes to principal.
Should I get a 15-year or 30-year loan?
15-year loans have higher monthly payments but much less total interest. 30-year loans are more affordable monthly but cost more overall.
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