Amortization Calculator

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest. As the loan amortizes, the amount going toward principal starts out small, and gradually grows larger month by month. In an amortization schedule, you can see how much money you pay in principal and interest over time. Use this calculator to input the details of your loan and see how those payments break down over your loan term.

  • When you have a fully amortizing loan like a mortgage, you will pay the same amount every month. The lender will apply a gradually smaller part of your payment toward interest and a gradually larger part of your payment toward principal until the loan is paid off.
  • Amortization calculators make it easy to see how a loan’s monthly payments are divided into interest and principal.
  • You can use a regular calculator or a spreadsheet to do your own amortization math, but an amortization calculator will provide a faster result.

Estimate Your Monthly Amortization Payment

When you amortize a loan, you pay it off gradually through periodic payments of interest and principal. A loan that is self-amortizing will be fully paid off when you make the last periodic payment.


The periodic payments will be your monthly principal and interest payments. Each monthly payment will be the same, but the amount that goes toward interest will gradually decline each month, while the amount that goes toward principal will gradually increase each month. The easiest way to estimate your monthly amortization payment is with an amortization calculator.


Amortization Calculator Results Explained

To use an amortization calculator, you’ll need these inputs:

  • Loan amount: How much do you plan to borrow, or how much have you already borrowed?
  • Loan term: How many years do you have to repay the loan?
  • Interest rate: What is the lender charging you annually for the loan?

With these inputs, the amortization calculator will output your monthly payment.


For example, if your mortgage amount is $150,000, your loan term is 30 years, and your interest rate is 3.5%, then your monthly payment will be $673.57. The amortization schedule will also show you that your total interest over 30 years will be $92,484 ($92,484.13, to be precise, as the amortization schedule will show you).


For this and other additional detail, you’ll want to dig into the amortization schedule.

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