Daily Figures Edition No Sign-Up • No Tracking • Free Forever Vol. XII — No. 204
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Amortization Calculator

Enter a loan amount, rate and term to get the payment and a year-by-year principal, interest and balance schedule.

Filed by The Statistics Desk  |  Method: monthly amortization schedule
Monthly payment
—
Fixed payment; schedule below.
Readout
Total interest—
Total paid—
First payment — interest—
First payment — principal—
Yearly balance
YearPrincipalInterestBalance
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Enter your figures above to see the step-by-step working.
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How the Amortization Calculator Works

Amortization is the process of paying off a loan with equal payments over time. Each payment covers the interest accrued that month first, and whatever is left reduces the principal. Because the balance shrinks a little each month, the interest portion falls and the principal portion grows — even though the payment itself never changes.

This calculator shows the fixed monthly payment, the split of your very first payment, and a year-by-year schedule of how much principal and interest you pay and what balance remains. Watching the balance fall makes it clear why extra early payments save so much interest.

interestmonth = balance × (rate ÷ 12)

Frequently Asked Questions

Why does the interest portion shrink over time?

Interest is charged on the remaining balance. As you pay down principal, the balance falls, so each month less interest accrues and more of your fixed payment goes to principal.

How do extra payments help?

Any amount above the scheduled payment goes straight to principal, which lowers the balance all future interest is charged on. Extra payments early in the loan save the most, because the balance is highest then.

What is the amortization schedule?

It is the month-by-month (here summarised by year) table of how each payment divides between interest and principal, and the balance left afterward. It maps the entire life of the loan.

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