Amortization Calculator

Calculate your monthly loan payment and see exactly how each payment is split between principal and interest. Our amortization calculator generates a full payment schedule so you can see your loan balance decrease month by month — useful for mortgages, auto loans, and personal loans.

Loan Amortization Calculator

Amortization Formula

The fixed monthly payment for a fully amortizing loan is calculated with:

M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1)

Where M = monthly payment, P = principal, r = monthly interest rate (annual rate ÷ 12), n = total number of payments (years × 12). Each month, the interest portion decreases and the principal portion increases as the balance shrinks.

Loan TermMonthly Payment on $300,000 at 7%Total Interest
10 years$3,484$118,080
15 years$2,696$185,280
20 years$2,326$258,240
30 years$1,996$418,560

Frequently Asked Questions

What is amortization?+
Amortization is the process of paying off a loan through regular scheduled payments over time. Each payment covers both interest owed and a portion of the principal. Early in the loan, most of the payment goes toward interest. As the balance declines, the interest portion shrinks and more of each payment reduces principal — this is called a negatively amortizing curve in reverse.
How can I pay off my loan faster?+
Making extra principal payments dramatically reduces the total interest you pay and shortens your loan term. Even one extra payment per year can shave years off a 30-year mortgage and save tens of thousands in interest. You can specify extra payment amounts with your lender; ensure they apply them to principal, not future interest.

About the Amortization Calculator

This free amortization calculator helps you get accurate results instantly without needing to work through the math manually. Whether you need a quick estimate or a precise figure, having a reliable tool on hand saves time and reduces errors compared to manual calculation.

How to Use This Calculator

  1. Enter your values in the input fields above. Each field is labeled to guide you.
  2. Double-check your inputs — results are only as accurate as the numbers you enter.
  3. Click the Calculate button to see your result instantly.
  4. Use the result for your planning, budgeting, or decision-making.

Why Accurate Calculations Matter

Small errors in math calculations can compound into significant problems. A 1% miscalculation in a budget or measurement can translate to hundreds or thousands of dollars in wasted resources, or result in having to redo work entirely. This calculator uses the standard formulas and methods to give you reliable results you can trust.

Tips for Getting the Best Results

Frequently Asked Questions

Is this calculator free? Yes — completely free with no account, login, or payment required. Use it as many times as you need.

How accurate are the results? This calculator uses the standard formulas for amortization calculations. Results are accurate for typical use cases. For specialized or high-stakes applications, consult a professional.

Does it work on mobile? Yes. This calculator is fully responsive and works on smartphones, tablets, and desktops.