Loan Amortization Calculator
Monthly payment, total interest, and a full payoff schedule for any loan
Monthly Payment (P&I)
$1,896.20
Total Paid
$682,633
Total Interest
$382,633
Payoff Time
30 yrs
Remaining Balance Over Time
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
| 11 | $6,412 | $16,343 | $247,916 |
| 12 | $6,841 | $15,913 | $241,075 |
| 13 | $7,299 | $15,455 | $233,776 |
| 14 | $7,788 | $14,966 | $225,987 |
| 15 | $8,310 | $14,445 | $217,677 |
| 16 | $8,866 | $13,888 | $208,811 |
| 17 | $9,460 | $13,294 | $199,351 |
| 18 | $10,094 | $12,661 | $189,257 |
| 19 | $10,770 | $11,985 | $178,487 |
| 20 | $11,491 | $11,263 | $166,996 |
| 21 | $12,261 | $10,494 | $154,735 |
| 22 | $13,082 | $9,673 | $141,653 |
| 23 | $13,958 | $8,797 | $127,695 |
| 24 | $14,893 | $7,862 | $112,803 |
| 25 | $15,890 | $6,864 | $96,912 |
| 26 | $16,954 | $5,800 | $79,958 |
| 27 | $18,090 | $4,665 | $61,868 |
| 28 | $19,301 | $3,453 | $42,567 |
| 29 | $20,594 | $2,161 | $21,973 |
| 30 | $21,973 | $781 | $0 |
How it works
This calculator uses the standard amortization formula M = P·r(1+r)n / ((1+r)n − 1) to compute your fixed monthly principal-and-interest payment, then walks through the loan month by month, splitting each payment between interest (balance × monthly rate) and principal. Extra payments are applied directly to principal, which shortens the payoff time and reduces total interest. Results exclude property taxes, insurance, and fees, and are estimates — not financial advice. All math runs in your browser; nothing is sent to any server.
What Is a Loan Amortization Calculator?
A loan amortization calculator shows you exactly how a fixed-rate loan gets paid off over time. Enter your loan amount, annual interest rate, and term, and it instantly computes your monthly principal-and-interest payment, the total you will pay over the life of the loan, and how much of that total is interest. It also generates a complete amortization schedule — a payment-by-payment breakdown showing how each installment is split between interest and principal, and how your remaining balance falls each month.
How the Amortization Formula Works
Fixed-rate loans use a standard formula to calculate the monthly payment:
M = P × r(1 + r)n / ((1 + r)n − 1)
- M is the monthly payment
- P is the loan principal (the amount borrowed)
- r is the monthly interest rate (annual rate divided by 12)
- n is the total number of monthly payments (years × 12)
For example, a $300,000 mortgage at 6.5% over 30 years works out to about $1,896 per month. Over 360 payments, that totals roughly $682,000 — meaning more than $382,000 goes to interest alone. Seeing that number is often the moment borrowers start thinking seriously about extra payments.
How to Read an Amortization Schedule
Each row of an amortization schedule shows one payment period. The interest column is your remaining balance multiplied by the monthly rate; the principal column is whatever is left of your fixed payment after interest is covered. Early in the loan, interest dominates — on that $300,000 example, the first payment includes about $1,625 of interest and only $271 of principal. The split gradually flips as the balance shrinks, and the final payments are almost entirely principal.
Yearly vs. Monthly Views
A yearly view condenses the schedule into annual totals, which is the easiest way to see long-term trends like when you cross 20% equity. The monthly view shows every individual payment, which is useful for checking a specific statement or planning a lump-sum payment.
The Power of Extra Payments
Any extra amount you pay each month goes straight to principal, reducing the balance that future interest is charged on. Adding just $200 per month to the example above pays the loan off nearly seven years early and saves over $100,000 in interest. Use the extra payment field to compare scenarios side by side on the balance chart.
What This Calculator Doesn't Include
Results cover principal and interest only. Property taxes, homeowners insurance, PMI, HOA dues, and loan fees are not included, and the figures are estimates for planning — not financial advice. For exact payoff numbers, confirm with your lender.
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