Loan Amortization Calculator
Calculate your monthly loan payments, total interest, and full amortization schedule. Plan your finances with a detailed breakdown.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Loan Amortization Calculator
- Enter Loan Amount (e.g., 200000 for $200,000). Use positive numbers only.
- Enter Annual Interest Rate as a percentage (e.g., 5.5 for 5.5%). Can be 0 for interest-free loans.
- Enter Loan Term in years (e.g., 30 for 30 years). Must be greater than 0.
- Select Start Date (optional). If left blank, today’s date is used.
- Click Calculate to see:
- Monthly Payment (fixed amount each month)
- Total Payment (sum of all payments)
- Total Interest paid over the loan term
- Amortization Schedule showing each payment’s breakdown (payment number, date, principal, interest, and remaining balance)
Note: All monetary values are in US dollars ($). The calculator uses the standard amortization formula: M = P [r(1+r)^n] / [(1+r)^n – 1]. If you see an error, double-check your inputs are valid numbers.
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Frequently Asked Questions
Loan amortization is the process of paying off a loan over time through regular payments. Each payment covers the interest expense for the period and reduces the principal balance.
The monthly payment is calculated using the formula: M = P [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
Yes, this calculator works for fixed-rate loans such as mortgages, auto loans, personal loans, and student loans. It assumes equal monthly payments over the loan term.
