Amortization Calculator
Calculate monthly payments, total interest, and amortization schedule for a loan with fixed interest rate and fixed monthly payment.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Amortization Calculator
- Enter Loan Amount – Type the total loan amount (e.g.,
200000for $200,000). Use positive numbers only. - Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g.,
6.5for 6.5%). - Enter Loan Term – Specify the loan duration in years (e.g.,
30for 30 years). Must be a whole number. - Click "Calculate" – Press the blue button to compute your monthly payment, total interest, and total payment.
- View Results – The results panel shows:
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total interest paid over the loan term.
- Total Payment – Sum of principal and interest.
- View Amortization Schedule – Click "Show" to see a month-by-month breakdown of payment, principal, interest, and remaining balance. Click "Hide" to collapse it.
- Reset – Use the "Reset" button to clear all inputs and start over.
Tip: Press Enter in any input field to quickly calculate.
Previous Results
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Frequently Asked Questions
An amortization calculator computes the monthly payment and shows a schedule of how each payment is split between principal and interest over the life of a loan.
Monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is loan amount, r is monthly interest rate, and n is number of payments.
You need the loan amount, annual interest rate, and loan term in years. All values must be positive numbers.
