Finance Utility
Amortization Schedule Calculator
Calculate a fixed-payment loan schedule, monthly principal and interest, total interest, and total paid.
Method
For a fixed-rate amortizing loan, monthly rate r = annual rate ÷ 12, number of payments n = years × 12, and payment = P·r ÷ (1 − (1+r)^−n). At 0% interest, payment = P ÷ n. Each month, interest equals current balance × r and principal equals payment minus interest.
Worked example
For a $300,000 loan at 6% nominal annual interest over 30 years, the monthly principal-and-interest payment is approximately $1,798.65. Total interest is approximately $347,514.57.
When this is useful
Useful for understanding how a fixed-rate installment loan pays down principal over time and how much interest is paid across the full term.
Privacy
The values you enter into this calculator are processed in your browser by Practical Tools Hub application assets. The calculator does not need to send your calculation inputs to a third-party calculation service.
Limitations
This calculator covers principal and interest only. It does not include property tax, insurance, mortgage insurance, escrow, lender fees, points, closing costs, prepayment penalties, or variable-rate changes. It is arithmetic, not a loan quote or financial advice.