Amortization Calculator
The Amortization Calculator shows the complete month-by-month and yearly breakdown of a fixed-rate loan — how each payment splits between principal and interest and how your balance shrinks over time. Ideal for mortgages, auto loans, and personal loans. The monthly payment amount itself never changes across the loan — what shifts month to month is only the split between interest and principal, since interest is recalculated fresh each period on whatever balance remains. On the final scheduled payment, the calculator sets the principal portion equal to the exact remaining balance rather than the formula's rounded output, so the loan clears to precisely $0.00 instead of leaving a few cents outstanding or overpaid. Because the split is driven purely by the remaining balance and the rate, two loans with an identical rate and term amortize in identical percentage shape regardless of loan size — only the dollar amounts scale.
Monthly payment
$1,580
Total interest
$318,861
Total paid
$568,861
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,794 | $16,168 | $247,206 |
| 2 | $2,981 | $15,981 | $244,224 |
| 3 | $3,181 | $15,781 | $241,043 |
| 4 | $3,394 | $15,568 | $237,649 |
| 5 | $3,621 | $15,341 | $234,027 |
| 6 | $3,864 | $15,098 | $230,163 |
| 7 | $4,123 | $14,839 | $226,041 |
| 8 | $4,399 | $14,563 | $221,642 |
| 9 | $4,694 | $14,269 | $216,948 |
| 10 | $5,008 | $13,954 | $211,940 |
| 11 | $5,343 | $13,619 | $206,597 |
| 12 | $5,701 | $13,261 | $200,896 |
| 13 | $6,083 | $12,879 | $194,813 |
| 14 | $6,490 | $12,472 | $188,323 |
| 15 | $6,925 | $12,037 | $181,398 |
| 16 | $7,389 | $11,573 | $174,009 |
| 17 | $7,884 | $11,078 | $166,126 |
| 18 | $8,412 | $10,551 | $157,714 |
| 19 | $8,975 | $9,987 | $148,739 |
| 20 | $9,576 | $9,386 | $139,163 |
| 21 | $10,217 | $8,745 | $128,946 |
| 22 | $10,902 | $8,061 | $118,044 |
| 23 | $11,632 | $7,330 | $106,413 |
| 24 | $12,411 | $6,551 | $94,002 |
| 25 | $13,242 | $5,720 | $80,760 |
| 26 | $14,129 | $4,833 | $66,632 |
| 27 | $15,075 | $3,887 | $51,557 |
| 28 | $16,084 | $2,878 | $35,473 |
| 29 | $17,162 | $1,800 | $18,311 |
| 30 | $18,311 | $651 | $0 |
Shows how each payment splits between principal and interest and how your balance falls over time. Assumes a fixed rate and equal monthly payments. Estimates for planning only.
How This Tool Works
Enter the loan amount, interest rate, and term. The tool shows your monthly payment, total interest, and total cost, plus a full schedule you can view by year or drill into month by month.
Formula & Method
Each month, interest = remaining balance × (annual rate ÷ 12), and principal = fixed payment − interest. The balance drops by the principal portion each month, so early payments are mostly interest and later ones are mostly principal.
Example Calculation
A $250,000 loan at 6.5% over 30 years (360 months) has a fixed payment of $1,580.17/month. Month 1: interest = $250,000 × (6.5% ÷ 12) = $250,000 × 0.00541667 = $1,354.17; principal = $1,580.17 − $1,354.17 = $226.00; new balance = $250,000 − $226.00 = $249,774.00. Carrying this same interest-then-principal split forward for all 12 months of year one, total interest paid comes to about $16,167.73 and total principal paid comes to about $2,794.31 (together equal to 12 × $1,580.17 = $18,962.04), leaving a balance of about $247,205.69 at the end of year one — meaning after a full year of payments, barely 1.1% of the original loan has actually been paid down.
Frequently Asked Questions
Why is so much of my early payment interest?+
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion of each payment shrinks and more goes toward principal.
Can I see every month, not just years?+
Yes. Switch the schedule to the Monthly view to see the principal, interest, and balance for each individual payment.
Does this include taxes and insurance?+
No — it shows the loan’s principal and interest only. For a full mortgage payment with taxes and insurance, use our Mortgage Calculator.
Does the payment amount change over the life of the loan?+
No — for a fixed-rate loan, the payment amount itself stays exactly the same every month. What changes is the mix: more of each payment goes to interest early on and more goes to principal later, as the outstanding balance shrinks.
Why does the last payment in the schedule look slightly different from the others?+
The calculator sets the final payment's principal portion equal to whatever balance is left, rather than the formula's rounded output, so the loan pays off to exactly $0.00 instead of leaving a few cents over or under due to rounding accumulated in earlier months.
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<a href="https://everyfix.net/tools/amortization-calculator/">Amortization Calculator</a> by <a href="https://everyfix.net">EveryFix</a>Related Tools
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