Amortization Calculator: Payment and Payoff Schedule

Quick answer

Enter a loan amount, APR and term to see your monthly payment, total interest and a year-by-year amortization schedule showing how much of each year's payments goes to principal and to interest.

Amortization is how a fixed-rate loan gets paid off: the same payment every month, with the split between interest and principal shifting over time. This calculator shows the payment and the schedule.

How the math works

payment = P x r x (1 + r)^n / ((1 + r)^n - 1)

P is the amount borrowed, r is the APR divided by 12, and n is the number of monthly payments. Each month, interest is the balance times r; the rest of the payment reduces the balance.

Worked example

$10,000 at 15.99% APR over 48 months: about $283.35 a month and about $3,601 in total interest. Worked examples are arithmetic illustrations, not offers.

End of year	Balance left
1	about $8,061
2	about $5,788
3	about $3,123
4	$0

Notice that only about $1,939 of principal is paid in year one, while about $2,665 is paid in year three, because less of each payment goes to interest as the balance falls.

Term changes the total

$10,000 at 15.99%	Monthly payment	Total interest
36 months	about $351.52	about $2,655
48 months	about $283.35	about $3,601
60 months	about $243.13	about $4,588

A longer term lowers the payment and raises the total.

What the schedule does not include

Origination or other fees, which the CFPB notes are often added to installment loans.
Variable rates. See fixed vs variable interest rates.

Compare two offers side by side with the loan comparison calculator.

Ready to see real numbers? Use the form on this page to check whether partner lenders may have an offer, with the APR and full payment schedule shown before you commit, or call (800) 236-7761.

Examples are illustrations, not offers. Approval, APR and terms depend on the lender, your state and your credit profile.

Questions about amortization calculator: payment and payoff schedule

What is an amortization schedule?

A table showing how each payment on a fixed-rate loan splits between interest and principal, and the balance left after each period.

Why do early payments go mostly to interest?

Interest is charged on the remaining balance, which is highest at the start. As the balance falls, more of each payment goes to principal.

Does this work for mortgages?

The formula is the same for any fixed-rate, fully amortizing loan. Mortgage payments often also include taxes and insurance, which this calculator does not.

How do extra payments change the schedule?

Extra principal payments shrink the balance faster, so later interest is lower and the loan ends sooner. Try the loan payoff calculator.

Sources

CFPB: Regulation Z (Truth in Lending), 12 CFR Part 1026 (accessed 2026-10-09)
CFPB: What is the difference between a loan interest rate and the APR? (accessed 2026-10-09)
CFPB: Do personal installment loans have fees? (accessed 2026-10-09)

Last updated 2026-10-09. How we research and update pages.

Amortization Calculator: Payment and Payoff Schedule