Free Amortization Schedule Calculator
An amortization schedule breaks down every loan payment into its principal and interest components. Use this calculator to instantly see your periodic payment amount, total interest paid over the life of the loan, and total amount paid. Simply enter your loan amount, annual interest rate, number of payments, and payment frequency.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that make up each payment until the loan is paid off at the end of its term.
How is an amortized payment calculated?
The formula is: Payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the periodic interest rate, and n is the number of payments.
What is the difference between amortization and a simple loan?
In an amortizing loan, each payment covers both interest and principal. Early payments are mostly interest; later payments are mostly principal. A simple interest loan calculates interest only on the outstanding balance.