Amortization Calculator
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| Year 1 | $8,830.40 | $10,779.61 | $191,169.60 |
| Year 2 | $9,328.50 | $10,281.50 | $181,841.10 |
| Year 3 | $9,854.70 | $9,755.30 | $171,986.40 |
| Year 4 | $10,410.58 | $9,199.42 | $161,575.82 |
| Year 5 | $10,997.82 | $8,612.18 | $150,577.99 |
| Year 6 | $11,618.19 | $7,991.82 | $138,959.81 |
| Year 7 | $12,273.54 | $7,336.46 | $126,686.26 |
| Year 8 | $12,965.87 | $6,644.13 | $113,720.39 |
| Year 9 | $13,697.25 | $5,912.76 | $100,023.15 |
| Year 10 | $14,469.88 | $5,140.13 | $85,553.27 |
| Year 11 | $15,286.09 | $4,323.91 | $70,267.18 |
| Year 12 | $16,148.35 | $3,461.65 | $54,118.83 |
| Year 13 | $17,059.24 | $2,550.76 | $37,059.59 |
| Year 14 | $18,021.52 | $1,588.49 | $19,038.07 |
| Year 15 | $19,038.07 | $571.93 | $0.00 |
Amortization Calculator: Calculate Loan Payments, Interest & Full Repayment Schedule
This amortization calculator shows how a loan is repaid over time through fixed monthly payments. It splits each payment into principal and interest, so you can see exactly how your debt shrinks, and it builds a complete amortization schedule that you can view year by year or month by month. It works for mortgages, car loans and personal loans.
Quick answer: a $200,000 loan at 5.5% over 15 years has a monthly payment of about $1,634.17 and costs about $94,150.04 in total interest. Enter your own loan amount, interest rate, term and start date to see your payment, total interest, payoff date and full schedule.
How Loan Amortization Works
Amortization means repaying a loan with equal scheduled payments. Each payment covers the interest that built up since the last one, and the rest reduces the principal, which is the amount you borrowed. At the start the balance is high, so most of the payment is interest. As the balance falls, interest shrinks and more of every payment goes to principal until the loan reaches zero.
In the example above, the first month's interest is $200,000 × 0.055 ÷ 12 = $916.67. The payment is $1,634.17, so $717.50 goes to principal. Next month the balance is a little lower, so slightly less goes to interest and slightly more to principal.
Amortization Schedule Example
The first five years of the same loan show how the split changes.
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| Year 1 | $8,830.40 | $10,779.61 | $191,169.60 |
| Year 2 | $9,328.50 | $10,281.50 | $181,841.10 |
| Year 3 | $9,854.70 | $9,755.30 | $171,986.40 |
| Year 4 | $10,410.58 | $9,199.42 | $161,575.82 |
| Year 5 | $10,997.82 | $8,612.18 | $150,577.99 |
How to Pay Less Interest on a Loan
Making extra payments on the principal shortens the loan and cuts the interest, and a shorter term costs less in total even though the monthly payment is higher. A lower interest rate helps too, and the refinance calculator can show whether a new loan would save money. A larger down payment reduces the amount you borrow, so try the down payment calculator, and compare scenarios with the loan calculator before you commit.
What This Calculator Includes and What It Doesn't
It is built for fixed-rate loans repaid in equal monthly payments, and it calculates principal and interest only. Property taxes, homeowners insurance, mortgage insurance and fees are not included, so for a full housing payment use the mortgage calculator, and for vehicles see the auto loan calculator. The rate shown as the effective annual rate is the nominal rate compounded monthly, not an APR with fees. Results are estimates for general information and are not financial advice. Check final figures with your lender.
Who Should Use an Amortization Calculator?
Home buyers planning a mortgage, car buyers comparing auto loan offers, people managing personal loans, financial planners reviewing loan structures, students learning how interest works and business owners planning financing and repayment all use it to understand the true cost of borrowing before they sign.
How to Use This Amortization Calculator
Enter your loan amount
Type it in or drag the slider.
Enter the interest rate
Use the annual percentage rate quoted by your lender.
Select the loan term
Choose the number of years.
Choose the start date
This sets your payoff date and the dates in the monthly schedule.
Click "Calculate"
See your monthly payment, total interest, total repayment, payoff date and the full schedule.