Loan amortization calculator
Enter a loan amount, rate and term to see your payment and a full payment-by-payment schedule.
- Payment
- $489.15
- Total interest
- $4,349.22
- Total paid
- $29,349.22
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $489.15 | $353.74 | $135.42 | $24,646.26 |
| 2 | $489.15 | $355.65 | $133.50 | $24,290.61 |
| 3 | $489.15 | $357.58 | $131.57 | $23,933.03 |
| 4 | $489.15 | $359.52 | $129.64 | $23,573.51 |
| 5 | $489.15 | $361.46 | $127.69 | $23,212.05 |
| 6 | $489.15 | $363.42 | $125.73 | $22,848.63 |
| 7 | $489.15 | $365.39 | $123.76 | $22,483.24 |
| 8 | $489.15 | $367.37 | $121.78 | $22,115.87 |
| 9 | $489.15 | $369.36 | $119.79 | $21,746.51 |
| 10 | $489.15 | $371.36 | $117.79 | $21,375.15 |
| 11 | $489.15 | $373.37 | $115.78 | $21,001.78 |
| 12 | $489.15 | $375.39 | $113.76 | $20,626.38 |
| 13 | $489.15 | $377.43 | $111.73 | $20,248.96 |
| 14 | $489.15 | $379.47 | $109.68 | $19,869.48 |
| 15 | $489.15 | $381.53 | $107.63 | $19,487.96 |
| 16 | $489.15 | $383.59 | $105.56 | $19,104.36 |
| 17 | $489.15 | $385.67 | $103.48 | $18,718.69 |
| 18 | $489.15 | $387.76 | $101.39 | $18,330.93 |
| 19 | $489.15 | $389.86 | $99.29 | $17,941.07 |
| 20 | $489.15 | $391.97 | $97.18 | $17,549.10 |
| 21 | $489.15 | $394.10 | $95.06 | $17,155.00 |
| 22 | $489.15 | $396.23 | $92.92 | $16,758.77 |
| 23 | $489.15 | $398.38 | $90.78 | $16,360.39 |
| 24 | $489.15 | $400.53 | $88.62 | $15,959.86 |
About amortization
What is an amortization schedule?
It is a table showing every scheduled loan payment, how much of each payment goes toward interest and principal, and the balance remaining afterwards. Early payments are mostly interest; later payments are mostly principal.
How is the payment calculated?
For a fixed-rate loan, the payment is the amount that, paid every period, repays the principal plus interest exactly by the end of the term. The calculator uses the standard annuity formula with the interest rate divided by the number of payments per year.
Does this include taxes, insurance or fees?
No. The calculator shows principal and interest only. Mortgage payments often also include property taxes, insurance and other charges, and some loans have origination fees.
Can I use these numbers in a promissory note?
Yes. Once you have settled on an amount, rate and term, you can put them into a promissory note or loan agreement so both sides have the repayment terms in writing.