Amortization calculator
This amortization calculator builds the full payment schedule for a loan, showing how much of each payment is principal and interest and what you still owe.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,794.31 | $16,167.73 | $247,205.69 |
| 2 | $2,981.45 | $15,980.59 | $244,224.24 |
| 3 | $3,181.11 | $15,780.93 | $241,043.13 |
| 4 | $3,394.18 | $15,567.86 | $237,648.95 |
| 5 | $3,621.47 | $15,340.57 | $234,027.48 |
| 6 | $3,864.03 | $15,098.01 | $230,163.45 |
| 7 | $4,122.80 | $14,839.24 | $226,040.65 |
| 8 | $4,398.91 | $14,563.13 | $221,641.74 |
| 9 | $4,693.51 | $14,268.53 | $216,948.23 |
| 10 | $5,007.84 | $13,954.20 | $211,940.39 |
| 11 | $5,343.24 | $13,618.80 | $206,597.15 |
| 12 | $5,701.08 | $13,260.96 | $200,896.07 |
| 13 | $6,082.88 | $12,879.16 | $194,813.19 |
| 14 | $6,490.26 | $12,471.78 | $188,322.93 |
| 15 | $6,924.94 | $12,037.10 | $181,397.99 |
| 16 | $7,388.71 | $11,573.33 | $174,009.28 |
| 17 | $7,883.57 | $11,078.47 | $166,125.71 |
| 18 | $8,411.52 | $10,550.52 | $157,714.19 |
| 19 | $8,974.87 | $9,987.17 | $148,739.32 |
| 20 | $9,575.92 | $9,386.12 | $139,163.40 |
| 21 | $10,217.24 | $8,744.80 | $128,946.16 |
| 22 | $10,901.51 | $8,060.53 | $118,044.65 |
| 23 | $11,631.61 | $7,330.43 | $106,413.04 |
| 24 | $12,410.60 | $6,551.44 | $94,002.44 |
| 25 | $13,241.75 | $5,720.29 | $80,760.69 |
| 26 | $14,128.59 | $4,833.45 | $66,632.10 |
| 27 | $15,074.80 | $3,887.24 | $51,557.30 |
| 28 | $16,084.40 | $2,877.64 | $35,472.90 |
| 29 | $17,161.59 | $1,800.45 | $18,311.31 |
| 30 | $18,311.31 | $651.11 | $0.00 |
What amortization shows you
An amortization schedule is the loan’s timetable. It tells you the interest and principal in every payment and the balance left. It is how you can answer practical questions: what will I owe after three years, how much interest do I pay this year, and when will I reach 50% paid off.
$250,000 at 6.5% by loan length
Borrowing $250,000 at 6.5% over 30 years costs $1,580.17 a month and $318,862 in interest, $568,862 in total. Shorter terms raise the payment but cut the interest, and longer terms do the reverse. The table shows the trade-off across common terms.
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 10-year | $2,838.70 | $90,644 | $340,644 |
| 15-year | $2,177.77 | $141,998 | $391,998 |
| 20-year | $1,863.93 | $197,345 | $447,345 |
| 25-year | $1,688.02 | $256,405 | $506,405 |
| 30-year | $1,580.17 | $318,862 | $568,862 |
How your rate changes the cost
Personal loan rates vary widely with credit score, from the mid single digits for strong borrowers to 30% or more for weak credit. On $250,000 over 30 years, moving from 6.5% to 9.5% adds $187,899 in interest.
| APR | Monthly payment | Total interest |
|---|---|---|
| 3.5% | $1,122.61 | $154,141 |
| 5% | $1,342.05 | $233,141 |
| 6.5% | $1,580.17 | $318,862 |
| 8% | $1,834.41 | $410,390 |
| 9.5% | $2,102.14 | $506,761 |
How much can you borrow for a given payment?
Working backwards at 6.5% over 30 years, here is the loan size each monthly payment supports.
| Monthly payment | Loan amount |
|---|---|
| $200/month | $31,642 |
| $300/month | $47,463 |
| $400/month | $63,284 |
| $500/month | $79,105 |
When is half of a $250,000 loan repaid?
With a $1,580.17 payment, the balance falls below half ($125,000) after 257 payments, about 21.4 years into a 30 years loan. Because interest is highest at the start, the second half of the loan is paid down much faster than the first.
| After | Balance left | Paid so far |
|---|---|---|
| 1 year | $247,206 | $18,962 |
| 2 years | $244,224 | $37,924 |
| 3 years | $241,043 | $56,886 |
| 5 years | $234,027 | $94,810 |
| 7 years | $226,041 | $132,734 |
| 10 years | $211,940 | $189,620 |
Frequently asked questions
How is a loan payment calculated?
The payment is principal × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (APR ÷ 12) and n is the number of months. Each payment covers that month’s interest first, and the rest reduces the balance.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. APR also includes certain fees, so it is the better number for comparing offers. This calculator treats the rate you enter as the rate that accrues on the balance.
Will extra payments save interest?
Yes, if your lender applies them to principal and charges no prepayment penalty. Use the extra payment field to see the effect.
Does this calculator store my data?
No. Everything runs in your browser. Nothing is sent to a server.
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Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.