Amortization Calculator

How to build an amortization schedule

1. Enter the loan amount, interest rate, and term in years.
2. Add an extra monthly payment if you want.
3. Read the monthly payment and the interest and principal split.
4. Toggle the schedule between yearly and monthly.

What amortization means

Amortization is the way a loan is paid off in equal instalments over time. Each payment is the same, but its makeup shifts: at the start most of it is interest, because interest is charged on a large balance, and by the end most of it is principal. This amortization calculator shows that month by month, so you can see exactly how the balance falls and how much interest you pay along the way. It is the loan amortization behind every fixed-rate loan, laid out as a full loan payoff schedule.

Reading the amortization table

The amortization table lists each period with the interest paid, the principal paid, and the remaining balance. Switch to the yearly view for a compact summary or the monthly view for every payment. The donut shows the split between what you borrowed and the total interest over the life of the loan.

The effect of an extra payment

Anything you pay above the scheduled amount comes straight off the principal, so it shrinks the balance faster and removes future interest. Enter an extra monthly payment and the schedule recomputes, ending sooner. The earlier in the loan you add it, the more interest it saves.

An estimate, not financial advice

This is a calculation based on the numbers you enter and assumes a fixed rate and regular payments. Real loans can have fees, variable rates, or different rounding, so treat it as a planning estimate and check your loan's own terms. This is not financial advice.

FAQ

What is an amortization schedule?

A table showing each loan payment split into interest and principal, with the running balance. It shows how a loan is paid down over its full term.

Why does the interest portion shrink over time?

Interest is charged on the outstanding balance. As you pay the balance down, the interest part of each payment falls and the principal part rises, even though the payment stays the same.

How do extra payments change the schedule?

They reduce the principal directly, so the loan clears sooner and total interest drops. The tool recalculates the whole schedule when you add an extra payment.

Can I use this for any loan?

Yes. It works for any fixed-rate amortizing loan such as a car loan, personal loan, or mortgage, in any currency, since it uses only the numbers you enter.

Is my information private?

Yes. Everything is calculated in your browser and nothing you enter is uploaded or saved.