Generate a complete amortization schedule for any fixed-rate loan — see every payment's split between principal and interest, total interest paid, and your exact payoff date.
Results update live as you type.
Monthly Payment
Monthly Payment
$0.00
per month
Total Principal
$200,000
loan amount
Total Interest
$0
over 30 years
Payoff Date
—
360 payments
| Year | Principal | Interest | Total Paid | Balance |
|---|
The Formula
Each monthly payment covers the interest that accrued since the last payment, with the remainder reducing the principal balance. Early payments are mostly interest; later payments are mostly principal. This is the mathematical inevitability of front-loaded amortization.
Extra payments go entirely toward principal — not interest — which is why even small additional amounts can cut years off a loan and save thousands in total interest costs.
Monthly Payment Formula
About This Tool
An amortization calculator — also known as a loan amortization schedule calculator or amortization table generator — is a free online tool that breaks every loan payment into its principal and interest components and presents them in an ordered table. Each row shows how much of that month's payment reduces your balance vs. how much goes to the lender as interest.
Our free amortization calculator handles fixed-rate loans of any size and term — including mortgages, auto loans, personal loans, and student loans. Enter the loan amount, interest rate, term, and optional extra monthly payment, and the tool instantly generates a complete annual or monthly amortization schedule with your payoff date and total interest cost.
The extra payment feature makes this tool especially powerful. By entering even $50–$200 in additional monthly principal, you can see exactly how many months are cut from your loan term and how many thousands of dollars in interest you avoid — right in real time.
Whether you need an auto loan amortization calculator, a mortgage amortization schedule, or just want to understand how any installment loan works, this tool gives you precise, instant results with no sign-up required.
Full Annual Schedule
Year-by-year table of every principal, interest, and balance figure.
Live Recalculation
Schedule updates instantly as you change any input — no button needed.
Extra Payment Impact
See exactly how extra principal payments reduce your term and total interest.
100% Free & Private
No account needed. All calculations run locally in your browser.
Interactive Charts
Visualise principal vs. interest balance over the loan life.
Exact Payoff Date
Know the exact month and year your loan will be fully paid off.
Five inputs generate a complete amortization schedule with every payment's split and your exact payoff date.
Type or drag the slider to set the total amount you are borrowing. For a mortgage, this is the home price minus your down payment. The amortization schedule is built from this starting balance.
Enter your annual percentage rate (APR). Use the rate on your loan agreement, or experiment with the slider to see how different rates affect total interest paid over the full term.
Select 15-yr, 20-yr, or 30-yr to compare how the term affects your monthly payment and total interest. Shorter terms save significantly on interest at the cost of a higher required payment.
Optional but powerful. Enter any additional amount you plan to pay each month toward principal. Even $100 extra can eliminate years from your schedule and save thousands in interest — watch the schedule update in real time.
Switch to the Schedule tab for the annual amortization table. Use Over Time to see balance decay on a chart, or Breakdown to see the split between total principal and total interest paid.
Everything you need to know about amortization schedules, loan payments, and how to use this calculator.
An amortization schedule is a complete table showing every scheduled loan payment across the entire loan term. Each row breaks the payment into: the principal portion (the amount that reduces your outstanding balance) and the interest portion (the lender's charge for the period), plus the remaining balance after that payment. Our loan amortization calculator generates this table instantly and also shows totals by year so you can see the big picture without scrolling through hundreds of monthly rows.
This is the defining feature of an amortizing loan. Each month's interest charge equals the outstanding principal balance multiplied by the monthly interest rate. When the balance is large — especially in the early years — the interest charge consumes most of the fixed payment, leaving little for principal reduction. As the balance falls, less interest accrues each month, so more of the fixed payment chips away at principal. By the final years, nearly the entire payment is principal. This is called front-loaded interest and is standard across all fully amortizing loans, including mortgages.
Extra principal payments can save a surprising amount. On a $200,000 30-year loan at 6.5%, adding just $100/month reduces the total interest by approximately $27,000 and pays the loan off 4–5 years early. Adding $200/month saves around $47,000 and shortens the term by nearly 8 years. These are not projections — the amortization schedule calculator above shows the exact numbers for your specific loan. Enter your extra payment amount and watch the payoff date and total interest update instantly. The earlier in the loan you start making extra payments, the greater the savings.
A fully amortizing loan is structured so that making every scheduled payment brings the balance to exactly $0 on the last payment date — no lump sum ever comes due. A balloon loan has lower regular payments during the term but requires a large final "balloon" payment to retire the remaining principal. Most residential mortgages, auto loans, personal loans, and student loans are fully amortizing. Our amortization schedule calculator models fully amortizing, fixed-rate loans. If you have a balloon loan or an adjustable-rate mortgage, actual payments will differ from the projections shown.
Yes — the amortization formula is identical for any fixed-rate, fully amortizing installment loan. Enter the loan amount, APR, and term for your auto loan, personal loan, student loan, or business loan and the schedule is generated automatically. The only difference between loan types is typically the interest rate and term length. For auto loans, terms are usually 36–72 months; for personal loans, 12–84 months; for mortgages, 180–360 months. Our loan amortization calculator handles all of these with the same precision.
Our free amortization calculator is mathematically exact for the values entered. It uses the standard amortization formula and processes each payment period to account for balance reduction and the impact of extra payments. Minor rounding differences from your actual lender statements can occur because different lenders round payment amounts at different decimal places. Use this tool for planning and comparison — always confirm final figures with your loan documents or lender. All calculations run entirely in your browser with no data stored or transmitted.