‹ Amortization Calculator

Generate your complete loan payment schedule with principal & interest breakdown

What is an Amortization Calculator?

An amortization calculator generates a detailed month-by-month breakdown of your loan payments. It shows exactly how much of each payment goes toward principal vs. interest over the full loan term. This is essential for understanding the true cost of mortgages, car loans, and personal loans.

Amortization Formula

Monthly Payment (EMI) = P × r × (1+r)n / ((1+r)n − 1)

Where P = Principal, r = monthly interest rate (annual rate / 12 / 100), n = total months.

How to Use This Calculator

  1. Enter loan amount — Total principal borrowed.
  2. Enter interest rate — Annual percentage rate (APR).
  3. Enter loan tenure — Duration in months or years.
  4. Click Calculate — View the full amortization schedule.

Example: $200,000 Mortgage at 7% for 30 Years

Monthly payment: $1,330.60 | Total interest: $279,017 | Total paid: $479,017

In month 1, $1,166.67 goes to interest and only $163.94 to principal. By month 360, nearly the full payment reduces principal.

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Frequently Asked Questions

What is loan amortization?

Amortization is the process of spreading a loan into fixed monthly payments. Early payments are mostly interest; later payments are mostly principal. The schedule shows this shift over time.

How does prepayment affect amortization?

Making extra payments reduces the principal faster, which means less total interest paid and a shorter loan term. Even small extra payments can save thousands over the life of a mortgage.

What is the difference between EMI and amortization?

EMI is the fixed monthly payment amount. Amortization is the detailed schedule showing how each EMI is split between principal and interest over the entire loan term.