Amortization Calculator
Calculate a full amortization schedule for a loan, including monthly payment, total interest paid, total amount paid, and the remaining balance after each payment.
Formula
Payment = [Loan Amount * Monthly Rate * (1 + Monthly Rate)^Number of Payments] / [(1 + Monthly Rate)^Number of Payments - 1]
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule shows how each loan payment is split between principal and interest over the life of the loan.
Why is amortization useful?
It helps you understand how much interest you will pay, how quickly the balance declines, and how each payment is applied.
Does this work for mortgages and auto loans?
Yes. This calculator can be used for mortgages, car loans, personal loans, and other fixed-payment loans.