Amortization Calculator
Calculate and view the complete amortization schedule for your loan, showing principal and interest breakdown
About This Calculator
The Amortization Calculator shows you the complete payment schedule for your loan, breaking down each payment into principal and interest portions. This detailed view helps you understand how your loan balance decreases over time and how much interest you pay with each payment.
How It Works
- 1
Enter the total loan amount (principal).
- 2
Input the annual interest rate as a percentage.
- 3
Select the loan term (15, 20, 25, or 30 years).
- 4
The calculator generates a complete amortization schedule showing each payment with principal, interest, and remaining balance.
Formula Explanation
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]This calculates the fixed monthly payment amount that remains constant throughout the loan term.
Interest Payment = Remaining Balance × Monthly Interest RateFor each payment, the interest portion is calculated based on the current loan balance.
Principal Payment = Monthly Payment - Interest PaymentThe principal portion is what remains after subtracting the interest from the total monthly payment.
New Balance = Previous Balance - Principal PaymentAfter each payment, the loan balance decreases by the principal amount paid.