Calculate your loan payments and view detailed amortization schedules. See exactly how much of each payment goes to principal and interest over the life of your loan. Perfect for auto loans, mortgages, personal loans, and any amortizing debt. Our calculator provides complete payment breakdowns and shows you how interest costs decrease over time as your loan balance is paid down.
Amortization is the process of paying off debt through regular payments over a set period. Each payment includes both principal (loan amount) and interest. Early in the loan, most of your payment goes toward interest. As time passes, more goes toward principal.
The amortization formula calculates your monthly payment: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments.
Understanding your amortization schedule helps you see the true cost of borrowing and can guide decisions about extra payments or refinancing. Making additional principal payments early can significantly reduce total interest costs.
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