Calculator
Loan & Mortgage Amortization Calculator
Calculate monthly payments, total interest costs, and schedule payoffs for fixed payment and equal principal loans.
- Transparent assumptions
- Detailed annual table
- No account required
YOUR CALCULATION
Estimate your loan payments
Complete all steps on one page. Results update after a short pause, or when you select Recalculate.
YOUR ILLUSTRATION
Estimated result
- Estimated monthly installment
- $1,798.65
- Total interest paid
- $347,515
- Total lifetime cost
- $647,515
- Payoff duration
- 30 yrs
AMORTIZATION SCHEDULE
Payment breakdown (First 12 Months)
← Scroll the table horizontally to see every column.
| Month | Beginning Balance | Principal | Interest | Total Payment | Ending Balance |
|---|---|---|---|---|---|
| 1 | $300,000.00 | $298.65 | $1,500.00 | $1,798.65 | $299,701.35 |
| 2 | $299,701.35 | $300.14 | $1,498.51 | $1,798.65 | $299,401.21 |
| 3 | $299,401.21 | $301.64 | $1,497.01 | $1,798.65 | $299,099.57 |
| 4 | $299,099.57 | $303.15 | $1,495.50 | $1,798.65 | $298,796.42 |
| 5 | $298,796.42 | $304.67 | $1,493.98 | $1,798.65 | $298,491.75 |
| 6 | $298,491.75 | $306.19 | $1,492.46 | $1,798.65 | $298,185.56 |
| 7 | $298,185.56 | $307.72 | $1,490.93 | $1,798.65 | $297,877.84 |
| 8 | $297,877.84 | $309.26 | $1,489.39 | $1,798.65 | $297,568.58 |
| 9 | $297,568.58 | $310.81 | $1,487.84 | $1,798.65 | $297,257.77 |
| 10 | $297,257.77 | $312.36 | $1,486.29 | $1,798.65 | $296,945.41 |
| 11 | $296,945.41 | $313.92 | $1,484.73 | $1,798.65 | $296,631.49 |
| 12 | $296,631.49 | $315.49 | $1,483.16 | $1,798.65 | $296,316.00 |
Mathematical Model
How Loan Amortization Works
Each scheduled payment divides into accrued interest (calculated on remaining balance) and principal reduction. Accelerated payments directly offset principal, compounding long-term interest savings and shortening debt duration.
Common questions
Frequently asked questions
What is the difference between fixed payment and equal principal?
With fixed payment (amortized), your monthly payment remains identical throughout the loan, with interest making up a higher portion early on. With equal principal, you pay a fixed amount toward principal each month plus accrued interest, meaning your payments start higher and decrease over time.
How do extra payments reduce overall loan costs?
Extra payments are directly subtracted from your remaining principal balance. Because monthly interest is calculated based on the current outstanding balance, lowering principal reduces the interest compounded in every subsequent month and accelerates your debt payoff date.
Does this calculation include property taxes and insurance (PITI)?
This model specifically calculates principal and interest (P&I) amortization. Homeowners insurance, property taxes, and private mortgage insurance (PMI) vary significantly by jurisdiction and are excluded to maintain clean, transparent math.
References and further reading
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