Calculate monthly payments, view principal vs interest breakdown, and full amortization schedule
Loan amortization is the process of paying off a loan over time through regular payments. Each payment covers both interest and principal, with the interest portion decreasing and the principal portion increasing over the life of the loan.
The monthly payment uses the formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = loan amount, r = monthly interest rate (annual rate / 12), and n = total number of payments.
Yes, the summary shows total interest paid over the life of the loan, and the amortization schedule breaks down the interest for every single payment.
Yes! Any fixed-rate, fully-amortizing loan can be calculated here — mortgages, auto loans, personal loans, student loans, etc.
This calculator shows the standard schedule without extra payments. Making extra payments reduces the principal faster, which lowers total interest and shortens the loan term.