Amortization Calculator

The payment is one number. The schedule is the story.

People search “amortization calculator” when they already know the payment—or they want to see why year one barely moves the balance. This page exists for that ledger: month, interest, principal, remaining balance. It is not a PITI quote and it is not a credit-card minimum trap. It is the split inside a fixed installment loan.

Enter the amount financed, the note rate, and the term. Read the scheduled payment, then scroll the yearly roll-up and the first twelve months. Download CSV if you want the whole term in a sheet.

How the rows are built

The level payment uses M = P × r(1+r)^n / ((1+r)^n − 1), with r as the monthly rate and n as months. Each row then charges interest on the current balance and applies the rest to principal. Extra monthly principal is added to that payment until the balance hits zero, so the table can be shorter than the original term.

Year rows sum the twelve months (or whatever is left in a partial last year). CSV is the monthly file, not the yearly summary.

How to use it

Use the amount on the note, not the sticker. Car tax and a trade-in belong on the car payment page first; paste the amount financed here if you want that loan’s schedule. A mortgage’s tax and insurance never appear in these rows—open the mortgage calculator for PITI, then come back here if you only want P&I amortization.

If you already have a home loan and the question is extra principal, the mortgage payoff calculator states months saved and interest avoided in one headline. This page still shows the path.

Worked example

A $25,000 loan at 7% for five years has a scheduled payment of about $495. You repay about $29,702, of which about $4,702 is interest. The first payments are mostly interest; the last payments are mostly principal. Add extra principal and the CSV ends before month 60.

That is the same payment the loan calculator shows. The difference is the table, not the formula.

What this will not do

It will not amortize a credit card with a changing minimum—use the credit card payoff calculator. It will not score a refinance versus the current note—use the mortgage refinance calculator. It will not add property tax to the payment.

Day-count and rounding at a servicer can move pennies. Treat the CSV as a planning ledger, not a payoff quote from the lender.

Typical examples

Frequently asked questions

What is an amortization schedule?

It is the ledger of a fixed payment loan: each month the lender takes interest on the remaining balance, and the rest of your payment cuts principal. This amortization calculator prints that ledger by year and by month.

How is each payment split between interest and principal?

Monthly interest is remaining balance × (APR ÷ 12). Principal is payment minus that interest. Early months are interest-heavy; later months flip. Extra principal you enter is applied after the scheduled amount.

Is this the same as the loan payment calculator?

No. The loan page answers “what is my monthly payment?” This page answers “show me the schedule.” Same formula, different job. For a house with escrow, use the mortgage calculator; the schedule here is still P&I only.

Can I add extra payments?

Yes. Extra monthly principal shortens the table. A one-time lump sum is not a separate field; add it to extra for one month in a spreadsheet after you download the CSV, or raise extra and read the new payoff month.

Why is interest so high in year one?

The balance is largest at the start, so the interest slice is largest. That is not a trick in the calculator—it is how amortizing loans work. A shorter term or extra principal is how you skip that slice.