The Amortization Calculator builds a loan schedule in equal-payment or equal-principal mode and shows payment, principal, interest, and remaining balance for each period until the balance reaches zero. Enter principal, annual rate, and term, and the Amortization Calculator returns the full table plus total interest.
Loan pages across the finance hub link here when the question is the schedule itself rather than a product-specific payment. The Amortization Calculator is the shared engine view: every cent of interest and principal is listed, not buried in a single payment figure.
*These results are estimates for information only, not lending or financial advice.*
Build an amortization schedule with the Amortization Calculator
The Amortization Calculator builds an amortization schedule by listing every period until the loan balance is zero. Amortization means each payment reduces principal over time while interest is charged on the remaining balance. Choose equal-payment or equal-principal mode, then enter principal, rate, and term.
For a $10,000 loan at 6% for 3 years in equal-payment mode, the fixed monthly payment is about $304.22 across 36 months, and total interest is about $951.92. The Amortization Calculator prints each month’s split so early interest weight and later principal weight are visible. The final payment adjusts by a cent or two when needed so the ending balance lands at exactly $0.00.
A schedule answers where the money goes. The Amortization Calculator makes that the primary output.
Read the payment breakdown on the Amortization Calculator
Each schedule row breaks one payment into interest, principal, and ending balance. The Amortization Calculator shows that breakdown for every period in the term. Interest for a period equals remaining balance times the periodic rate. Principal for the period is payment minus interest in equal-payment mode, or a fixed principal slice in equal-principal mode.
Ending balance is prior balance minus principal applied. On the $10,000 / 6% / 3-year equal-payment loan, month 1 interest is 10,000 × 0.005 = $50.00, so about $254.22 of the $304.22 payment reduces principal. Later months flip that mix as the balance falls.
Reading one row teaches the pattern; reading the whole table shows the path to payoff. The Amortization Calculator keeps both available.
Compare equal payment and equal principal
The Amortization Calculator compares equal-payment and equal-principal amortization on the same principal, rate, and term. Equal payment keeps the installment constant while the interest share falls. Equal principal keeps the principal portion fixed so the total payment declines as interest shrinks.
Equal-principal principal per month on a $10,000 loan over 36 months is 10,000 ÷ 36 ≈ $277.78. Month 1 interest is still $50.00, so the first payment is about $327.78, higher than the equal-payment installment. Later payments fall as interest on the declining balance falls. Equal principal usually front-loads cash outflow and can reduce total interest versus equal payment on the same inputs. Equal payment keeps budgeting simpler with one fixed installment.
The Amortization Calculator switches modes without changing the loan inputs so the contrast is fair.
See how principal and interest shift
In equal-payment amortization, early payments are mostly interest and later payments are mostly principal. The Amortization Calculator’s schedule makes that crossover visible month by month. While the balance is largest, interest takes a bigger bite of each fixed payment. As principal declines, interest shrinks and more of the same payment retires debt.
Near the end of the term, almost all of the installment is principal. Plotting or scanning the interest column shows a falling curve; the principal column shows a rising curve. That pattern is why extra principal payments early save more interest: they cut the balance while the interest rate still has a large base to tax.
The Amortization Calculator does not hide the early interest share behind a marketing payment quote.
Find the total interest paid with the Amortization Calculator
Total interest is the sum of every period’s interest, or equivalently total of all payments minus original principal. The Amortization Calculator reports that total beside the schedule. On the $10,000 / 6% / 3-year equal-payment example, payments total about $10,951.92 and interest is about $951.92.
Stretching the same principal to a longer term at the same rate usually lowers the payment and raises total interest. Shortening the term does the reverse. Comparing total interest across terms answers whether a lower payment is actually cheaper.
The Amortization Calculator keeps total interest honest so payment shopping is not mistaken for cost shopping.
Extra principal payments, when the loan allows them, shorten the path and cut interest by reducing the balance that future interest is charged on. The Amortization Calculator’s default schedule assumes the contracted payment only. To sketch an extra payment, lower the principal or shorten the term and compare total interest to the baseline run. That sketch is approximate; lender posting rules and fees vary. Recasting and biweekly payment programs also change the schedule shape and belong in a fresh run with the new payment pattern.
Rounding on money loans is handled so the final balance is exactly zero. A schedule that leaves $0.03 forever is a bug, not a feature. The Amortization Calculator adjusts the last payment when needed so the table closes cleanly, matching how careful loan engines treat residual cents.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a table of each payment split into principal and interest with the remaining balance. The Amortization Calculator generates that table for the entered loan. The last row ends at a zero balance.
What is equal principal amortization?
Equal principal amortization keeps the principal portion fixed and lets interest decline, so the total payment falls over time. The Amortization Calculator offers that mode beside equal payment. Early payments are higher than the later ones.
What is equal payment amortization?
Equal payment amortization keeps the installment constant while the mix of interest and principal changes. The Amortization Calculator uses the standard fixed-payment formula for that mode. Early payments carry more interest; later payments carry more principal.
Why are early payments mostly interest?
Early payments are mostly interest because interest is charged on the current balance, which is largest at the start. The Amortization Calculator shows that split on the first rows of the schedule. As the balance falls, interest’s share shrinks.
How is total interest calculated?
Total interest is calculated as the sum of interest across all periods, equal to total payments minus principal when the loan amortizes to zero. The Amortization Calculator reports that figure with the schedule. Longer terms at the same rate usually increase total interest.
Do loan product pages use the same engine?
Loan product pages use the same amortization engine and link here for the full general schedule. The Amortization Calculator is the schedule-first view without auto, boat, or mortgage packaging. Product pages add domain inputs such as tax, fees, or Canadian compounding where relevant.
Summary
The Amortization Calculator turns principal, rate, and term into a full principal-and-interest schedule in equal-payment or equal-principal mode. A $10,000 loan at 6% for 3 years pays about $304.22 per month in equal-payment mode with roughly $951.92 of total interest, while equal-principal fixes the principal slice near $277.78 and lets the payment decline from about $327.78 in month one.
Early equal payments are interest-heavy; later payments are principal-heavy. Total interest is the honest cost figure beside the installment. Results are estimates, not lending advice.