Appearance

Amortization Calculator

By Calxy · Updated · Calculation methodology

See exactly how a fixed-rate loan is paid down: the monthly payment, how each payment splits between interest and principal, and the full schedule from the first payment to the last — with optional extra payments and a downloadable table.

Printed from Calxy · https://www.calxy.net/financial/amortization-calculator

Check your inputs—Complete valid inputs to calculate a current result.
$
years
months
%
Repayment method
Optional extra paymentsNone
$

Applied to principal on top of the regular payment.

$
$

Monthly payment

$1,687.71

180 payments · paid off —

66%34%Total paid$303,788

Hover or tap a slice to see its value and share.

  • Principal$200,000 · 65.8%
  • Interest$103,788 · 34.2%

 

  • Loan amount$200,000
  • Total of 180 payments$303,788
  • Total interest$103,788
  • First payment: interest · principal$1,000.00 · $687.71
  • First payment—
  • Payoff date—

How this was calculated

  1. Monthly rate r = annual rate ÷ 12Put in your numbers: r = 6% ÷ 12 = 0.005Answer: r = 0.50000% a month
  2. Payment: M = P · r(1 + r)^n ÷ ((1 + r)^n − 1)Put in your numbers: M = $200,000.00 × 0.005 × 2.454094 ÷ (2.454094 − 1), where (1 + 0.005)^180 = 2.454094Answer: M = $1,687.71 a month
  3. Each month: interest = balance × r; principal = payment − interestPut in your numbers: First month: $200,000.00 × 0.005000 = $1,000.00; $1,687.71 − $1,000.00Answer: Principal $687.71; balance falls to $199,312.29
050K100K150K200K0246810121415
  • Balance
  • Cumulative interest

 

Full amortization schedule180 rows
Amortization schedule — 180 payments
#DatePaymentInterestPrincipalBalance
1—$1,687.71$1,000.00$687.71$199,312
2—$1,687.71$996.56$691.15$198,621
3—$1,687.71$993.11$694.61$197,927
4—$1,687.71$989.63$698.08$197,228
5—$1,687.71$986.14$701.57$196,527
6—$1,687.71$982.63$705.08$195,822
7—$1,687.71$979.11$708.60$195,113
8—$1,687.71$975.57$712.15$194,401
9—$1,687.71$972.01$715.71$193,685
10—$1,687.71$968.43$719.29$192,966
11—$1,687.71$964.83$722.88$192,243
12—$1,687.71$961.22$726.50$191,517
End of year 1$11,769.23$8,483.33$191,517
13—$1,687.71$957.58$730.13$190,787
14—$1,687.71$953.93$733.78$190,053
15—$1,687.71$950.26$737.45$189,315
16—$1,687.71$946.58$741.14$188,574
17—$1,687.71$942.87$744.84$187,829
18—$1,687.71$939.15$748.57$187,081
19—$1,687.71$935.40$752.31$186,328
20—$1,687.71$931.64$756.07$185,572
21—$1,687.71$927.86$759.85$184,813
22—$1,687.71$924.06$763.65$184,049
23—$1,687.71$920.24$767.47$183,281
24—$1,687.71$916.41$771.31$182,510
End of year 2$11,246.00$9,006.57$182,510
25—$1,687.71$912.55$775.16$181,735
26—$1,687.71$908.67$779.04$180,956
27—$1,687.71$904.78$782.93$180,173
28—$1,687.71$900.86$786.85$179,386
29—$1,687.71$896.93$790.78$178,595
30—$1,687.71$892.98$794.74$177,801
31—$1,687.71$889.00$798.71$177,002
32—$1,687.71$885.01$802.70$176,199
33—$1,687.71$881.00$806.72$175,392
34—$1,687.71$876.96$810.75$174,582
35—$1,687.71$872.91$814.81$173,767
36—$1,687.71$868.83$818.88$172,948
End of year 3$10,690.49$9,562.07$172,948
37—$1,687.71$864.74$822.97$172,125
38—$1,687.71$860.63$827.09$171,298
39—$1,687.71$856.49$831.22$170,467
40—$1,687.71$852.33$835.38$169,631
41—$1,687.71$848.16$839.56$168,792
42—$1,687.71$843.96$843.75$167,948
43—$1,687.71$839.74$847.97$167,100
44—$1,687.71$835.50$852.21$166,248
45—$1,687.71$831.24$856.47$165,391
46—$1,687.71$826.96$860.76$164,531
47—$1,687.71$822.65$865.06$163,666
48—$1,687.71$818.33$869.39$162,796
End of year 4$10,100.72$10,151.84$162,796
49—$1,687.71$813.98$873.73$161,922
50—$1,687.71$809.61$878.10$161,044
51—$1,687.71$805.22$882.49$160,162
52—$1,687.71$800.81$886.90$159,275
53—$1,687.71$796.37$891.34$158,384
54—$1,687.71$791.92$895.80$157,488
55—$1,687.71$787.44$900.27$156,588
56—$1,687.71$782.94$904.78$155,683
57—$1,687.71$778.41$909.30$154,773
58—$1,687.71$773.87$913.85$153,860
59—$1,687.71$769.30$918.42$152,941
60—$1,687.71$764.71$923.01$152,018
End of year 5$9,474.58$10,777.98$152,018
61—$1,687.71$760.09$927.62$151,091
62—$1,687.71$755.45$932.26$150,158
63—$1,687.71$750.79$936.92$149,221
64—$1,687.71$746.11$941.61$148,280
65—$1,687.71$741.40$946.31$147,333
66—$1,687.71$736.67$951.05$146,382
67—$1,687.71$731.91$955.80$145,427
68—$1,687.71$727.13$960.58$144,466
69—$1,687.71$722.33$965.38$143,501
70—$1,687.71$717.50$970.21$142,530
71—$1,687.71$712.65$975.06$141,555
72—$1,687.71$707.78$979.94$140,575
End of year 6$8,809.82$11,442.75$140,575
73—$1,687.71$702.88$984.84$139,591
74—$1,687.71$697.95$989.76$138,601
75—$1,687.71$693.00$994.71$137,606
76—$1,687.71$688.03$999.68$136,606
77—$1,687.71$683.03$1,004.68$135,602
78—$1,687.71$678.01$1,009.70$134,592
79—$1,687.71$672.96$1,014.75$133,577
80—$1,687.71$667.89$1,019.83$132,557
81—$1,687.71$662.79$1,024.93$131,533
82—$1,687.71$657.66$1,030.05$130,503
83—$1,687.71$652.51$1,035.20$129,467
84—$1,687.71$647.34$1,040.38$128,427
End of year 7$8,104.05$12,148.51$128,427
85—$1,687.71$642.13$1,045.58$127,381
86—$1,687.71$636.91$1,050.81$126,331
87—$1,687.71$631.65$1,056.06$125,274
88—$1,687.71$626.37$1,061.34$124,213
89—$1,687.71$621.07$1,066.65$123,147
90—$1,687.71$615.73$1,071.98$122,075
91—$1,687.71$610.37$1,077.34$120,997
92—$1,687.71$604.99$1,082.73$119,914
93—$1,687.71$599.57$1,088.14$118,826
94—$1,687.71$594.13$1,093.58$117,733
95—$1,687.71$588.66$1,099.05$116,634
96—$1,687.71$583.17$1,104.55$115,529
End of year 8$7,354.76$12,897.80$115,529
97—$1,687.71$577.65$1,110.07$114,419
98—$1,687.71$572.10$1,115.62$113,303
99—$1,687.71$566.52$1,121.20$112,182
100—$1,687.71$560.91$1,126.80$111,055
101—$1,687.71$555.28$1,132.44$109,923
102—$1,687.71$549.62$1,138.10$108,785
103—$1,687.71$543.92$1,143.79$107,641
104—$1,687.71$538.21$1,149.51$106,492
105—$1,687.71$532.46$1,155.26$105,336
106—$1,687.71$526.68$1,161.03$104,175
107—$1,687.71$520.88$1,166.84$103,008
108—$1,687.71$515.04$1,172.67$101,836
End of year 9$6,559.25$13,693.31$101,836
109—$1,687.71$509.18$1,178.53$100,657
110—$1,687.71$503.29$1,184.43$99,473
111—$1,687.71$497.36$1,190.35$98,283
112—$1,687.71$491.41$1,196.30$97,086
113—$1,687.71$485.43$1,202.28$95,884
114—$1,687.71$479.42$1,208.29$94,676
115—$1,687.71$473.38$1,214.34$93,461
116—$1,687.71$467.31$1,220.41$92,241
117—$1,687.71$461.20$1,226.51$91,014
118—$1,687.71$455.07$1,232.64$89,782
119—$1,687.71$448.91$1,238.80$88,543
120—$1,687.71$442.71$1,245.00$87,298
End of year 10$5,714.68$14,537.89$87,298
121—$1,687.71$436.49$1,251.22$86,047
122—$1,687.71$430.23$1,257.48$84,789
123—$1,687.71$423.95$1,263.77$83,525
124—$1,687.71$417.63$1,270.09$82,255
125—$1,687.71$411.28$1,276.44$80,979
126—$1,687.71$404.89$1,282.82$79,696
127—$1,687.71$398.48$1,289.23$78,407
128—$1,687.71$392.03$1,295.68$77,111
129—$1,687.71$385.56$1,302.16$75,809
130—$1,687.71$379.05$1,308.67$74,500
131—$1,687.71$372.50$1,315.21$73,185
132—$1,687.71$365.93$1,321.79$71,863
End of year 11$4,818.01$15,434.55$71,863
133—$1,687.71$359.32$1,328.40$70,535
134—$1,687.71$352.67$1,335.04$69,200
135—$1,687.71$346.00$1,341.71$67,858
136—$1,687.71$339.29$1,348.42$66,510
137—$1,687.71$332.55$1,355.16$65,155
138—$1,687.71$325.77$1,361.94$63,793
139—$1,687.71$318.96$1,368.75$62,424
140—$1,687.71$312.12$1,375.59$61,048
141—$1,687.71$305.24$1,382.47$59,666
142—$1,687.71$298.33$1,389.38$58,277
143—$1,687.71$291.38$1,396.33$56,880
144—$1,687.71$284.40$1,403.31$55,477
End of year 12$3,866.04$16,386.52$55,477
145—$1,687.71$277.38$1,410.33$54,067
146—$1,687.71$270.33$1,417.38$52,649
147—$1,687.71$263.25$1,424.47$51,225
148—$1,687.71$256.12$1,431.59$49,793
149—$1,687.71$248.97$1,438.75$48,354
150—$1,687.71$241.77$1,445.94$46,908
151—$1,687.71$234.54$1,453.17$45,455
152—$1,687.71$227.28$1,460.44$43,995
153—$1,687.71$219.97$1,467.74$42,527
154—$1,687.71$212.64$1,475.08$41,052
155—$1,687.71$205.26$1,482.45$39,570
156—$1,687.71$197.85$1,489.87$38,080
End of year 13$2,855.36$17,397.21$38,080
157—$1,687.71$190.40$1,497.32$36,582
158—$1,687.71$182.91$1,504.80$35,078
159—$1,687.71$175.39$1,512.33$33,565
160—$1,687.71$167.83$1,519.89$32,045
161—$1,687.71$160.23$1,527.49$30,518
162—$1,687.71$152.59$1,535.12$28,983
163—$1,687.71$144.91$1,542.80$27,440
164—$1,687.71$137.20$1,550.51$25,889
165—$1,687.71$129.45$1,558.27$24,331
166—$1,687.71$121.66$1,566.06$22,765
167—$1,687.71$113.83$1,573.89$21,191
168—$1,687.71$105.96$1,581.76$19,609
End of year 14$1,782.34$18,470.23$19,609
169—$1,687.71$98.05$1,589.67$18,020
170—$1,687.71$90.10$1,597.61$16,422
171—$1,687.71$82.11$1,605.60$14,817
172—$1,687.71$74.08$1,613.63$13,203
173—$1,687.71$66.01$1,621.70$11,581
174—$1,687.71$57.91$1,629.81$9,951
175—$1,687.71$49.76$1,637.96$8,313
176—$1,687.71$41.57$1,646.15$6,667
177—$1,687.71$33.34$1,654.38$5,013
178—$1,687.71$25.06$1,662.65$3,350
179—$1,687.71$16.75$1,670.96$1,679
180—$1,687.71$8.40$1,679.32$0
End of year 15$643.13$19,609.43$0

How amortization works

An amortized loan is repaid with a level payment every period. Each payment first covers the interest that accrued on the outstanding balance since the last payment; whatever is left reduces the balance. Because the balance shrinks, the interest portion falls every month and the principal portion rises, even though the total payment never changes.

The schedule below is the first year of a $200,000 loan over 15 years at 6%. The payment is the same every month; watch how interest falls and principal climbs as the balance comes down.

First twelve payments — $200,000 over 15 years at 6%
PaymentInterestPrincipalBalance after
1$1,000.00$687.71$199,312
2$996.56$691.15$198,621
3$993.11$694.61$197,927
4$989.63$698.08$197,228
5$986.14$701.57$196,527
6$982.63$705.08$195,822
7$979.11$708.60$195,113
8$975.57$712.15$194,401
9$972.01$715.71$193,685
10$968.43$719.29$192,966
11$964.83$722.88$192,243
12$961.22$726.50$191,517

Why the early payments are mostly interest

Interest is charged on what you still owe, and at the start you owe everything. On a 30-year loan the first payment can be three-quarters interest; only after about two-thirds of the term does the split cross to mostly principal. This is why paying extra early in a loan saves so much more than paying extra late: every dollar of principal retired in year one stops accruing interest for the remaining twenty-nine years.

Split of the payment over a 30-year loan — $200,000 at 6%
Point in loanInterestPrincipalInterest shareBalance
Year 1$1,000.00$199.1083%$199,801
Year 5$946.15$252.9679%$188,976
Year 10$857.90$341.2072%$171,239
Year 15$738.87$460.2362%$147,315
Year 20$578.32$620.7848%$115,044
Year 25$361.77$837.3430%$71,516
Year 30$69.66$1,129.446%$12,803

How the term changes the payment and the cost

A shorter term raises the monthly payment but cuts total interest sharply, because the balance is retired faster and spends less time accruing. Between 15 and 30 years the payment rises by about 40% while total interest falls by more than half.

Term comparison — $200,000 at 6%
TermMonthly paymentTotal interestTotal paid
5 years$3,866.56$31,994$231,994
10 years$2,220.41$66,449$266,449
15 years$1,687.71$103,788$303,788
20 years$1,432.86$143,887$343,887
25 years$1,288.60$186,581$386,581
30 years$1,199.10$231,676$431,676

Extra payments and early payoff

Any amount paid above the required payment goes straight to principal (confirm with your lender that it is applied that way, not held as a prepayment of next month). The calculator accepts a fixed extra every month, an extra once a year in a month you choose, and a one-time lump sum in a chosen loan year. The table shows what a monthly extra does to a 30-year loan.

Effect of a monthly extra payment — $200,000 over 30 years at 6%
Extra each monthPaid off inTotal interestInterest saved
None30 yr 0 mo$231,676$0
$10024 yr 7 mo$182,538$49,138
$20021 yr 0 mo$151,876$79,801
$30018 yr 5 mo$130,571$101,106
$50014 yr 11 mo$102,535$129,142
$1,00010 yr 2 mo$67,408$164,268

Reading the schedule

Every row is one payment. Interest is the balance at the start of the month times the monthly rate (the annual rate divided by twelve). Principal is the payment minus that interest. The balance column is what remains afterwards. Year-end rows total the interest and principal for that year, which is the figure you need for tax records where mortgage interest is deductible.

The final payment is often slightly different from the others: rounding accumulates over hundreds of payments, and the last one simply clears whatever balance remains.

  • Interest for the month = balance × (annual rate ÷ 12).
  • Principal for the month = payment − interest.
  • New balance = old balance − principal.
  • Total interest = sum of every row's interest, which also equals total payments minus the amount borrowed.

Loans that are not amortized

Not every loan works this way. Interest-only loans charge only the interest for a period, so the balance does not fall at all. Balloon loans amortize as if over a long term but come due early, leaving a large final payment. Credit cards have a minimum payment that shrinks with the balance, so paying only the minimum stretches repayment over decades. Deferred loans accrue interest that is added to the balance and settled at maturity. The loan calculator covers the deferred and lump-sum cases; this page is for the level-payment loan most people mean by amortization.

How to build an amortization schedule

Get the payment and a complete payment-by-payment schedule for a fixed-rate loan, with optional extra payments.

  1. Enter the loan

    Amount, term in years and months, and the annual interest rate.

  2. Set the first payment date

    The schedule then carries real calendar months, so each row shows when the payment falls and the payoff date is a real date.

  3. Add extra payments if you make them

    A monthly extra, a yearly extra in a chosen month, a one-time lump sum — or all three. The result shows how much sooner the loan ends and the interest saved.

  4. Read or download the schedule

    Year-end rows total each year's interest and principal; the CSV button exports the whole table for a spreadsheet.

Frequently asked questions

What is an equal-principal (constant principal) loan?

Each payment repays the same principal, P ÷ n, plus interest on the remaining balance, so the payment falls every month. $200,000 at 6% over 15 years pays $1,111.11 principal a month; the first payment is $2,111.11, the last $1,116.67, and total interest is $90,500 versus $103,788 on a level-payment loan. Choose Equal principal under Repayment method.

What does amortization mean?

Paying off a debt over time in regular, equal payments, each of which covers the interest due and reduces the balance. The word comes from the Latin for 'to kill off': the debt is killed gradually. The same term is used in accounting for spreading an intangible asset's cost over its life, which is a different idea.

How is the monthly payment calculated?

With the amortization formula: payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12) and n is the number of payments. For $200,000 over 15 years at 6% that gives $1,687.71.

Why does so little of my early payment go to principal?

Because interest is charged on the full balance, which is largest at the start. On a 30-year loan at 6% the first payment is about 83% interest. As the balance falls each month's interest charge falls with it, and more of the same payment is left for principal.

Does paying extra change my monthly payment?

No. Extra payments reduce the balance, so the loan ends sooner and less interest accrues, but the required payment stays the same. Ask your lender to apply extra amounts to principal rather than to the next month's payment.

What is a negative amortization loan?

One where the payment is less than the interest due, so the unpaid interest is added to the balance and the debt grows. Some adjustable-rate mortgages and payment-option loans work this way for a period. This calculator assumes the payment at least covers the interest.

Can I use this for a car loan or a personal loan?

Yes. Any fixed-rate loan repaid in equal monthly installments amortizes the same way. For loans with fees or with taxes and trade-ins built in, the dedicated auto loan and personal loan calculators add those specifics.

References

Last updated . Results are estimates for informational purposes only.