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Amortization Calculator
An amortization schedule lists every payment on a loan and shows how much of it is interest, how much reduces the balance and what you still owe afterward. Enter the loan amount, rate and term, add an optional extra monthly payment, and view the schedule by month or by year.
- Total interest
- $103,788.46
- Total of all payments
- $303,788.46
- Principal
- $200,000.00
- Payments until paid off
- 180
- Interest saved by extra payments
- $0.00
Amortization schedule
| Period | Principal | Interest | Balance |
|---|
Saved setups
Save a set of inputs you reuse — your usual rate, your loan, your room sizes — and load it back in one tap.
Your recent calculations
Results you calculate here are kept on this device so you can come back to them.
Formula
How to use it
- Enter the loan amount, the yearly interest rate and the term in years.
- Add an extra monthly amount if you plan to overpay.
- Choose a monthly or yearly schedule and read the balance after any payment.
Worked examples
A $200,000 loan over 15 years at 6%
- Regular monthly payment
- $1,687.71
- Total interest
- $103,788.46
- Total of all payments
- $303,788.46
- Payments until paid off
- 180
- Interest saved by extra payments
- $0.00
A $12,000 loan over 1 year at 6% — a short schedule you can check by hand
- Regular monthly payment
- $1,032.80
- Total interest
- $393.57
- Total of all payments
- $12,393.57
- Payments until paid off
- 12
A $100,000 loan over 30 years at 6%, paying an extra $100 a month
- Regular monthly payment
- $599.55
- Payments until paid off
- 252
- Total interest
- $75,937.94
- Total of all payments
- $175,937.94
- Interest saved by extra payments
- $39,900.25
Why early payments are mostly interest
Interest is charged on the balance still owed, and the balance is largest at the start. On a $300,000 30-year loan at 6.5% the payment is $1,896.20; in the first month $1,625.00 of that is interest and only $271.20 is principal. The split shifts a little every month, and the last payments are almost all principal.
On a $200,000 15-year loan at 6% the first payment of $1,687.71 is $1,000.00 interest and $687.71 principal.
What extra payments do
Extra money goes straight to principal, so every later month’s interest is smaller and the loan ends early. Adding $100 a month to a $100,000 30-year loan at 6% clears it in 252 payments instead of 360 and saves $39,900 in interest. Tell your servicer to apply extra amounts to principal, not to the next payment.
Questions people ask
What does an amortization schedule show?
For each payment: the interest charged, the principal repaid and the balance left. On a $12,000 one-year loan at 6% the payment is $1,032.80, the first month’s interest is $60.00 and the total interest is $393.57.
How much interest do I pay on a $200,000 loan over 15 years?
At 6% the payment is $1,687.71 and total interest is $103,788.46, so you repay $303,788.46.
Is the payment the same every month?
On a fixed-rate loan, yes. Only the split between interest and principal changes. The final payment can differ by a few cents because lenders round each month to the cent.