Amortization Calculator
See every payment on your loan: how much is interest, how much is principal, what's left. Add extra payments and watch years fall off the schedule. Export it to a spreadsheet.
Annual percentage rate
The cost of your credit as a yearly rate.
Finance charge
The dollar amount the credit will cost you.
Amount financed
The amount of credit provided to you.
Total of payments
What you'll have paid after all scheduled payments.
Payment schedule: 360 monthly payments.
Amortization schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| Year 1 | $19,457.94 | $16,793.57 | $2,664.37 | $247,335.63 |
| Year 2 | $19,457.94 | $16,608.06 | $2,849.88 | $244,485.75 |
| Year 3 | $19,457.94 | $16,409.63 | $3,048.32 | $241,437.43 |
| Year 4 | $19,457.94 | $16,197.38 | $3,260.56 | $238,176.86 |
| Year 5 | $19,457.94 | $15,970.35 | $3,487.59 | $234,689.27 |
| Year 6 | $19,457.94 | $15,727.52 | $3,730.42 | $230,958.85 |
| Year 7 | $19,457.94 | $15,467.78 | $3,990.17 | $226,968.68 |
| Year 8 | $19,457.94 | $15,189.95 | $4,267.99 | $222,700.69 |
| Year 9 | $19,457.94 | $14,892.78 | $4,565.16 | $218,135.53 |
| Year 10 | $19,457.94 | $14,574.92 | $4,883.03 | $213,252.50 |
| Year 11 | $19,457.94 | $14,234.92 | $5,223.02 | $208,029.47 |
| Year 12 | $19,457.94 | $13,871.25 | $5,586.69 | $202,442.78 |
| Year 13 | $19,457.94 | $13,482.26 | $5,975.68 | $196,467.10 |
| Year 14 | $19,457.94 | $13,066.19 | $6,391.76 | $190,075.35 |
| Year 15 | $19,457.94 | $12,621.14 | $6,836.80 | $183,238.55 |
| Year 16 | $19,457.94 | $12,145.11 | $7,312.83 | $175,925.71 |
| Year 17 | $19,457.94 | $11,635.93 | $7,822.01 | $168,103.70 |
| Year 18 | $19,457.94 | $11,091.30 | $8,366.64 | $159,737.06 |
| Year 19 | $19,457.94 | $10,508.75 | $8,949.19 | $150,787.87 |
| Year 20 | $19,457.94 | $9,885.64 | $9,572.31 | $141,215.57 |
| Year 21 | $19,457.94 | $9,219.14 | $10,238.81 | $130,976.76 |
| Year 22 | $19,457.94 | $8,506.23 | $10,951.71 | $120,025.05 |
| Year 23 | $19,457.94 | $7,743.69 | $11,714.26 | $108,310.79 |
| Year 24 | $19,457.94 | $6,928.05 | $12,529.90 | $95,780.89 |
| Year 25 | $19,457.94 | $6,055.61 | $13,402.33 | $82,378.56 |
| Year 26 | $19,457.94 | $5,122.44 | $14,335.50 | $68,043.06 |
| Year 27 | $19,457.94 | $4,124.29 | $15,333.66 | $52,709.40 |
| Year 28 | $19,457.94 | $3,056.64 | $16,401.31 | $36,308.10 |
| Year 29 | $19,457.94 | $1,914.65 | $17,543.30 | $18,764.80 |
| Year 30 | $19,457.94 | $693.14 | $18,764.80 | $0.00 |
How the balance falls
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Sends only the numbers shown above (and your question) to an AI model via Vercel AI Gateway. Nothing is stored. It's a plain-language read, not financial advice.
How amortization works
"Amortize" comes from the Old French for "to kill off": each payment kills off a bit of the debt. The payment is fixed, but its make-up changes every month. Interest is charged on what you still owe, so in month one, when you owe the most, interest takes the biggest bite. Whatever is left of the payment reduces the balance, which makes next month's interest a little smaller, and so on.
Interestm = Balancem−1 × r · Principalm = M − Interestm
On a 30-year mortgage at 6.75%, principal and interest don't split evenly until about year 20. Any extra money you pay goes straight to principal, skipping the interest queue, which is why a small monthly extra early on can remove years from the end of the table. Step through the months yourself in how loan interest is calculated.
Questions people ask
What is an amortization schedule?
A table listing every payment on a loan with how much goes to interest, how much to principal and the balance left afterwards. It shows that the payment stays fixed while the interest share falls and the principal share rises.
How do you calculate amortization?
Each month: interest = remaining balance × (annual rate ÷ 12); principal = payment − interest; new balance = old balance − principal. The payment itself comes from the formula P × r ÷ (1 − (1 + r)^−n).
Can I add extra payments to the schedule?
Yes. Enter a monthly extra amount, a yearly extra or a one-time lump sum; the schedule, payoff date and interest saved update instantly. Download the result as a CSV for Excel or Google Sheets.
Does this work for mortgages and car loans?
It works for any fixed-rate, fully amortizing loan with monthly payments: mortgages, auto loans, personal and student loans. For payments that aren’t monthly, see the business loan calculator.