Amortization calculator
Estimate a fixed-rate loan payment, total interest, payoff time, and how payments shift from interest toward principal over time.
Monthly Payment
$0What it does
This amortization calculator estimates a fixed monthly principal and interest payment, total interest, payoff time, and a schedule snapshot. It can also show how an extra monthly principal payment may change the payoff timeline.
How to use it
Enter the loan amount, annual interest rate, and loan term. The calculator estimates the base payment and shows how the payment is split between principal and interest at selected points in the schedule.
Add an extra monthly principal amount to test a faster payoff. Confirm with your lender or servicer that extra payments are applied to principal.
Formula
A fixed-rate amortizing payment is calculated from the loan amount, monthly interest rate, and number of payments. Early payments usually include more interest because the balance is higher. As the balance falls, the principal portion grows.
Helpful references