Loan Amortization Calculator (2026)
Estimate the monthly payment, total interest, and payoff on any fixed-rate loan or mortgage. Enter the amount, rate, and term for an instant breakdown — plus a year-by-year schedule. Everything runs in your browser; nothing is stored or sent anywhere.
Estimate updates as you type. Principal & interest only — taxes, insurance, and fees are not included.
Year-by-year schedule (estimate)
| Year | Interest paid | Principal paid | Balance left |
|---|
How loan amortization works
With a fixed-rate loan, you make the same payment every month, but the split between interest and principal changes. Early on, the balance is large, so most of the payment goes to interest. As the balance shrinks, more goes to principal — which is why a few extra payments early in a loan can cut total interest noticeably.
The level payment comes from the standard formula M = P × r(1+r)n / ((1+r)n − 1), where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). The schedule above applies that payment month by month, then groups the results into years.
What this estimate leaves out
This tool estimates only principal and interest. A real mortgage payment often also includes property taxes, homeowners insurance, and sometimes mortgage insurance or HOA dues — together these can add a meaningful amount each month. Origination fees, points, and other closing costs are also excluded, and adjustable-rate loans behave differently. Treat the figures as a starting point and confirm the full payment and terms with your lender.
Common questions
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. So early payments are mostly interest and little principal. The balance falls slowly at first, then faster as more principal is paid down, which is normal for an amortizing loan.
Will extra payments save money?
Generally, paying extra toward principal reduces the balance sooner, which lowers the interest charged in later months and can shorten the loan. The exact savings depend on your rate, term, and timing — and some loans have prepayment terms to check. This calculator does not model extra payments, and this is general information, not advice.
Is my data saved?
No. The calculation runs entirely in your browser. Nothing you type is stored, transmitted, or shared.
Method: standard fixed-rate amortization, payment M = P·r(1+r)^n / ((1+r)^n − 1), with a month-by-month schedule grouped into years. General references include published explainers from Bankrate, U.S. Bank, and Calculator.net. Always confirm your actual payment and terms with the lender.