Amortization Calculator
Free online Amortization Calculator.
Calculator
How to Use
- Enter the required values
- Click Calculate to see the result
- Review the detailed output
Formula
Payment: M = P[r(1+r)^n]/[(1+r)^n-1]. Monthly Interest = Balance x r. Principal = M - Interest. New Balance = Old Balance - Principal. Repeat for each period.
Example Calculations
30-Year Fixed
Input: $250,000 at 6.5% for 30 years
Result: Monthly: $1,580.17, Total interest: $318,861
15-Year Fixed
Input: $250,000 at 5.5% for 15 years
Result: Monthly: $2,042.29, Total interest: $117,612
Early Payoff
Input: $200,000 at 6%, extra $200/month
Result: Payoff in 22 years instead of 30, Save $52,000 interest
About This Calculator
Free online amortization calculator. Calculate instantly in your browser with our easy-to-use tool. No sign-up required.
Our amortization calculator is free, easy to use, and provides instant results. All calculations are performed in your browser for privacy and speed.
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Frequently Asked Questions
What is an amortization schedule?
Table showing each payment split into principal and interest. Early payments are mostly interest.
Extra principal payments?
Reduce balance faster, decrease future interest, and shorten the loan term.
Amortization vs depreciation?
Amortization spreads loan payments over time. Depreciation spreads asset cost over useful life.
Why so much interest early?
Interest is on remaining balance, which is highest at start. As principal decreases, less interest accrues.
Create an amortization schedule?
Each period: interest = balance x rate. Principal = payment - interest. New balance = old - principal.