Loan & Amortization Calculator
Estimate your monthly payment and see the full payoff schedule.
Amortization schedule
| Month | Payment | Principal | Interest | Remaining balance |
|---|
How this is calculated
How the payment and schedule are calculated
The level payment that exactly clears a loan over its term:
payment = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]
where r is the rate per month and n the number of months.
Worked example. $200,000 at 6% over 30 years: r = 0.005, n = 360, giving $1,199.10 a month.
Each month, interest is charged on the balance outstanding and the rest of the payment reduces the balance. Early on almost all of it is interest; the totals here are summed from the schedule, so they match what the table adds up to rather than being payment × months.
Educational content only, not financial advice. Results are estimates for learning purposes. Consult a qualified professional before making financial decisions.