Loan Amortization Calculator — Monthly Payment Schedule

A loan amortization schedule is a table showing each periodic payment on a loan over time. Each row shows the payment amount, how much goes toward interest, how much reduces the principal, and the remaining balance. Early payments are mostly interest; later payments are mostly principal.

The monthly payment uses the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments (years × 12). This ensures the loan is fully paid off by the end of the term.

You can reduce total interest by: making extra principal payments, choosing a shorter loan term, refinancing at a lower rate, or making bi-weekly payments instead of monthly. Even small extra payments can save thousands over the life of a loan.

A fixed-rate loan has the same interest rate for the entire term, so payments never change. A variable-rate loan can change periodically based on market conditions, which means payments may increase or decrease. This calculator assumes a fixed rate.