Why Use This Amortization Schedule Calculator
Understanding how your loan payments work is essential for smart financial planning. This loan amortization calculator helps you:
- 📋 See the Full Picture — every payment, principal, and interest for the life of your loan.
- 💰 Calculate Total Interest — know exactly how much you’ll pay in interest over the life of the loan.
- 🔁 Test Extra Payments — see how extra payments shorten your term and save you money.
- 📊 Visualize Your Loan — charts show your balance and interest breakdown over time.
- 📜 Track Your History — save, review, and export past calculations to CSV or Excel.
- 🔒 100% Private — all calculations run locally; your data never leaves your browser.
Amortization Formula Used by This Tool
We use the standard amortization formula to calculate your fixed monthly payment:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Where:
- M = Monthly Payment
- P = Loan Amount (Principal)
- r = Monthly Interest Rate (Annual Rate ÷ 12)
- n = Total Number of Payments (Loan Term × 12)
Each payment is then broken down into:
- Interest Portion = Remaining Balance × Monthly Rate
- Principal Portion = Monthly Payment − Interest Portion
How to Use This Mortgage Amortization Calculator
- Select your account currency from the picker in the site header.
- Enter your loan amount.
- Enter your annual interest rate (APR).
- Enter your loan term in years.
- Set an optional extra monthly payment to see how it affects your loan.
- The tool updates instantly — see your monthly payment, total interest, payoff date, and complete amortization schedule.
Frequently Asked Questions
What is an amortization calculator?
An amortization calculator shows you how each loan payment is split between principal and interest. It generates a complete amortization schedule, helping you understand exactly how your loan balance decreases over time.
How does a loan amortization calculator work?
It uses your loan amount, interest rate, and term to calculate your fixed monthly payment. Then it breaks down every payment into principal and interest portions, tracking the remaining balance month by month until the loan is fully paid off.
What is a loan amortization schedule?
A loan amortization schedule is a table showing every payment on a loan — broken down into how much reduces your debt (principal) and how much goes to the lender as interest. It maps the full life of the loan from the first payment to the last.
What is the amortization formula?
The amortization formula calculates the fixed monthly payment needed to repay a loan. It is: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the total number of payments.
How does making extra payments affect my loan?
Extra payments reduce your principal faster, which lowers the total interest you pay and shortens your loan term. This amortization calculator shows you exactly how much time and money you can save.
Is my data stored anywhere?
No. All calculations run locally in your browser. History and presets are saved in your browser’s localStorage — nothing is sent to a server.