Amortization Calculator
Calculate your loan payments, total interest, and payment schedule with our comprehensive amortization calculator. Perfect for mortgages, auto loans, and personal loans.
Loan Details
Calculation Results
Monthly Payment
$0.00
Total of Payments
$0.00
Total Interest
$0.00
Payment Schedule
| Payment # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| Enter loan details and calculate to see payment schedule | |||||
Understanding Loan Amortization
What is Amortization?
Loan amortization is the process of paying off a loan through regular, fixed payments over time. Each payment covers both interest and principal, with the proportion changing over the life of the loan.
How Payments Work
Early payments consist mostly of interest, while later payments apply more toward the principal balance. This happens because interest is calculated on the remaining balance, which decreases over time.
Key Benefits
- Predictable monthly payments
- Builds equity over time
- Clear payoff timeline
- Interest deduction potential
Tips for Borrowers
- Make extra principal payments to save interest
- Consider bi-weekly payments
- Shop for the best interest rates
- Understand your total cost of borrowing