Amortization Schedule Calculator

How it works

The fixed monthly payment is computed with the standard amortization formula, then the calculator walks month by month: each period's interest is that month's remaining balance times the monthly rate, and whatever's left of the payment goes to principal. The very last month forces principal to equal the remaining balance exactly, so rounding across hundreds of months of compounding doesn't leave a fraction of a cent owed or overpaid.

FAQ

Why does the last payment in the schedule look slightly different?

The calculator forces the final month's principal to equal whatever balance is left, absorbing small rounding differences from hundreds of months of compounding rather than leaving a few cents unpaid or overpaid.

Why does so much of an early payment go to interest?

Interest is calculated on the remaining balance, which is highest at the start of the loan — as principal is paid down, less interest accrues each month and more of the fixed payment goes toward principal.