What variables do I need to provide for the calculation?

You need to provide the initial loan principal (P), the annual interest rate to be converted into a monthly rate (r), and the total number of monthly payments throughout the loan term (n).

Can this calculator handle variable interest rates?

No, this calculator assumes a fixed interest rate for the entire loan term and fixed monthly payments.

How is the monthly payment (M) calculated?

The monthly payment M is calculated using the formula: M = (P × r × (1 + r)^n) ÷ ((1 + r)^n − 1), where P is principal, r is monthly interest rate, and n is total payments.

Online Amortization Calculator

Calculate detailed amortization schedules for loans, showing monthly payments, interest, principal, and remaining balance precisely using standard amortization formulas.

Loan Amount

Loan Term

years

, , , ,

Interest Rate

, , ,

Amortization

Monthly Payment ($): 1,619.92

Total Payments ($): 194,390.67

Total Interest ($): 34,390.67

Interest

Principal

Balance

0 yr

5 yr

10 yr

MONTHS	BEGINNING BALANCE ($)	INTEREST ($)	PRINCIPAL ($)	ENDING BALANCE ($)
1	160,000.00	6,158.27	13,280.79	146,719.21
2	146,719.21	5,617.19	13,821.87	132,897.34
3	132,897.34	5,054.07	14,385.00	118,512.34
4	118,512.34	4,468.00	14,971.06	103,541.28
5	103,541.28	3,858.06	15,581.01	87,960.27
6	87,960.27	3,223.26	16,215.80	71,744.47
7	71,744.47	2,562.61	16,876.46	54,868.01
8	54,868.01	1,875.03	17,564.03	37,303.97
9	37,303.97	1,159.45	18,279.62	19,024.36
10	19,024.36	414.71	19,024.36	0.00

MONTHS	BEGINNING BALANCE ($)	INTEREST ($)	PRINCIPAL ($)	ENDING BALANCE ($)
1	160,000.00	533.33	1,086.59	158,913.41
2	158,913.41	529.71	1,090.21	157,823.20
3	157,823.20	526.08	1,093.84	156,729.36
4	156,729.36	522.43	1,097.49	155,631.86
5	155,631.86	518.77	1,101.15	154,530.72
6	154,530.72	515.10	1,104.82	153,425.90
7	153,425.90	511.42	1,108.50	152,317.39
8	152,317.39	507.72	1,112.20	151,205.20
9	151,205.20	504.02	1,115.90	150,089.29
10	150,089.29	500.30	1,119.62	148,969.67
11	148,969.67	496.57	1,123.36	147,846.31
12	147,846.31	492.82	1,127.10	146,719.21
Year #1 End
13	146,719.21	489.06	1,130.86	145,588.35
14	145,588.35	485.29	1,134.63	144,453.72
15	144,453.72	481.51	1,138.41	143,315.31
16	143,315.31	477.72	1,142.20	142,173.11
17	142,173.11	473.91	1,146.01	141,027.10
18	141,027.10	470.09	1,149.83	139,877.26
19	139,877.26	466.26	1,153.66	138,723.60
20	138,723.60	462.41	1,157.51	137,566.09
21	137,566.09	458.55	1,161.37	136,404.72
22	136,404.72	454.68	1,165.24	135,239.48
23	135,239.48	450.80	1,169.12	134,070.36
24	134,070.36	446.90	1,173.02	132,897.34
Year #2 End
25	132,897.34	442.99	1,176.93	131,720.40
26	131,720.40	439.07	1,180.85	130,539.55
27	130,539.55	435.13	1,184.79	129,354.76
28	129,354.76	431.18	1,188.74	128,166.02
29	128,166.02	427.22	1,192.70	126,973.32
30	126,973.32	423.24	1,196.68	125,776.64
31	125,776.64	419.26	1,200.67	124,575.97
32	124,575.97	415.25	1,204.67	123,371.30
33	123,371.30	411.24	1,208.68	122,162.62
34	122,162.62	407.21	1,212.71	120,949.91
35	120,949.91	403.17	1,216.76	119,733.15
36	119,733.15	399.11	1,220.81	118,512.34
Year #3 End
37	118,512.34	395.04	1,224.88	117,287.46
38	117,287.46	390.96	1,228.96	116,058.49
39	116,058.49	386.86	1,233.06	114,825.43
40	114,825.43	382.75	1,237.17	113,588.26
41	113,588.26	378.63	1,241.29	112,346.97
42	112,346.97	374.49	1,245.43	111,101.54
43	111,101.54	370.34	1,249.58	109,851.95
44	109,851.95	366.17	1,253.75	108,598.20
45	108,598.20	361.99	1,257.93	107,340.27
46	107,340.27	357.80	1,262.12	106,078.15
47	106,078.15	353.59	1,266.33	104,811.82
48	104,811.82	349.37	1,270.55	103,541.28
Year #4 End
49	103,541.28	345.14	1,274.78	102,266.49
50	102,266.49	340.89	1,279.03	100,987.46
51	100,987.46	336.62	1,283.30	99,704.16
52	99,704.16	332.35	1,287.58	98,416.58
53	98,416.58	328.06	1,291.87	97,124.72
54	97,124.72	323.75	1,296.17	95,828.54
55	95,828.54	319.43	1,300.49	94,528.05
56	94,528.05	315.09	1,304.83	93,223.22
57	93,223.22	310.74	1,309.18	91,914.04
58	91,914.04	306.38	1,313.54	90,600.50
59	90,600.50	302.00	1,317.92	89,282.58
60	89,282.58	297.61	1,322.31	87,960.27
Year #5 End
61	87,960.27	293.20	1,326.72	86,633.55
62	86,633.55	288.78	1,331.14	85,302.40
63	85,302.40	284.34	1,335.58	83,966.82
64	83,966.82	279.89	1,340.03	82,626.79
65	82,626.79	275.42	1,344.50	81,282.29
66	81,282.29	270.94	1,348.98	79,933.31
67	79,933.31	266.44	1,353.48	78,579.83
68	78,579.83	261.93	1,357.99	77,221.84
69	77,221.84	257.41	1,362.52	75,859.32
70	75,859.32	252.86	1,367.06	74,492.27
71	74,492.27	248.31	1,371.61	73,120.65
72	73,120.65	243.74	1,376.19	71,744.47
Year #6 End
73	71,744.47	239.15	1,380.77	70,363.69
74	70,363.69	234.55	1,385.38	68,978.32
75	68,978.32	229.93	1,389.99	67,588.32
76	67,588.32	225.29	1,394.63	66,193.69
77	66,193.69	220.65	1,399.28	64,794.42
78	64,794.42	215.98	1,403.94	63,390.48
79	63,390.48	211.30	1,408.62	61,981.85
80	61,981.85	206.61	1,413.32	60,568.54
81	60,568.54	201.90	1,418.03	59,150.51
82	59,150.51	197.17	1,422.75	57,727.76
83	57,727.76	192.43	1,427.50	56,300.26
84	56,300.26	187.67	1,432.25	54,868.01
Year #7 End
85	54,868.01	182.89	1,437.03	53,430.98
86	53,430.98	178.10	1,441.82	51,989.16
87	51,989.16	173.30	1,446.63	50,542.53
88	50,542.53	168.48	1,451.45	49,091.09
89	49,091.09	163.64	1,456.29	47,634.80
90	47,634.80	158.78	1,461.14	46,173.66
91	46,173.66	153.91	1,466.01	44,707.65
92	44,707.65	149.03	1,470.90	43,236.76
93	43,236.76	144.12	1,475.80	41,760.96
94	41,760.96	139.20	1,480.72	40,280.24
95	40,280.24	134.27	1,485.65	38,794.58
96	38,794.58	129.32	1,490.61	37,303.97
Year #8 End
97	37,303.97	124.35	1,495.58	35,808.40
98	35,808.40	119.36	1,500.56	34,307.84
99	34,307.84	114.36	1,505.56	32,802.28
100	32,802.28	109.34	1,510.58	31,291.69
101	31,291.69	104.31	1,515.62	29,776.08
102	29,776.08	99.25	1,520.67	28,255.41
103	28,255.41	94.18	1,525.74	26,729.67
104	26,729.67	89.10	1,530.82	25,198.85
105	25,198.85	84.00	1,535.93	23,662.92
106	23,662.92	78.88	1,541.05	22,121.88
107	22,121.88	73.74	1,546.18	20,575.69
108	20,575.69	68.59	1,551.34	19,024.36
Year #9 End
109	19,024.36	63.41	1,556.51	17,467.85
110	17,467.85	58.23	1,561.70	15,906.15
111	15,906.15	53.02	1,566.90	14,339.25
112	14,339.25	47.80	1,572.12	12,767.13
113	12,767.13	42.56	1,577.37	11,189.76
114	11,189.76	37.30	1,582.62	9,607.14
115	9,607.14	32.02	1,587.90	8,019.24
116	8,019.24	26.73	1,593.19	6,426.05
117	6,426.05	21.42	1,598.50	4,827.55
118	4,827.55	16.09	1,603.83	3,223.72
119	3,223.72	10.75	1,609.18	1,614.54
120	1,614.54	5.38	1,614.54	0.00
Year #10 End

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What Is This Tool?

This online amortization calculator helps you compute structured loan repayment schedules. It breaks down each monthly payment into interest and principal portions while tracking the remaining loan balance over the loan term. This tool uses precise formulas to provide an accurate amortization schedule for fixed-rate loans.

How to Use This Tool?

Enter the initial loan amount (principal) labeled as P.
Input the annual interest rate, which the tool converts to a monthly rate r by dividing by 12.
Specify the loan term in years, which converts to the total number of payments n by multiplying by 12.
Click the calculate button to generate the monthly payment amount and detailed amortization schedule.
Review the breakdown of each payment into interest, principal, and the updated loan balance.

Key Features

Calculates fixed monthly loan payments based on principal, interest rate, and term.
Provides detailed interest and principal portions for each payment period.
Displays the remaining loan balance after each payment.
Uses standard amortization formulas for precise calculations.
Browser-based and easy to use with quick results.

Examples

For a $150,000 loan at 5% annual interest over 30 years, the monthly interest rate r is 0.05 ÷ 12 = 0.004167, and total payments n = 360.
Using the formula M = (P × r × (1 + r)^n) ÷ ((1 + r)^n - 1), the monthly payment calculates to approximately $805.23.
The first monthly payment breaks down as Interest: 150,000 × 0.004167 ≈ $625.05, Principal: 805.23 − 625.05 ≈ $180.18, leaving a new loan balance of roughly $149,819.82.

Common Use Cases

Homeowners planning mortgage repayment schedules.
Lenders evaluating loan amortization structures.
Accountants calculating amortization for client loans.
Financial planners analyzing long-term loan costs.

Tips & Best Practices

Ensure the interest rate entered is annual and expressed as a decimal (e.g., 5% as 0.05).
Use consistent loan terms in years to obtain accurate total payment counts.
Double-check inputs to maintain precision in your amortization schedule.
Understand that the calculator assumes fixed interest and payment amounts throughout the loan term.
Use the detailed payment breakdown to plan and manage loan repayment strategies effectively.

Limitations

Calculates based on fixed interest rates and fixed monthly payments only.
Does not account for extra or irregular payments.
Ignores possible changes in interest rates over the loan term.
Does not include taxes, insurance, or other ancillary loan-related costs.

Frequently Asked Questions

What variables do I need to provide for the calculation?: You need to provide the initial loan principal (P), the annual interest rate to be converted into a monthly rate (r), and the total number of monthly payments throughout the loan term (n).
Can this calculator handle variable interest rates?: No, this calculator assumes a fixed interest rate for the entire loan term and fixed monthly payments.
How is the monthly payment (M) calculated?: The monthly payment M is calculated using the formula: M = (P × r × (1 + r)^n) ÷ ((1 + r)^n − 1), where P is principal, r is monthly interest rate, and n is total payments.

Key Terminology

P (Principal): The original amount of the loan or the initial loan balance.
r (Monthly Interest Rate): The monthly interest rate derived by dividing the annual rate by 12.
n (Number of Payments): The total count of monthly payments over the entire loan term.
M (Monthly Payment): The fixed monthly payment amount calculated to repay the loan over the term.
B_prev (Previous Balance): The loan balance remaining at the beginning of each payment period.

Quick Knowledge Check

What does the variable 'n' represent in the amortization formula?

Annual interest rate

Total number of monthly payments

Initial loan principal

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