Free Loan Amortization Table Calculator

Use this free loan amortization table calculator to estimate a fixed-rate loan’s monthly payment and total interest from the loan amount, annual APR, and term. The results summarize the regular payment; a full amortization schedule shows how each payment is divided between principal and interest and how the balance declines over time.

Formula

This calculator uses the standard fixed-payment amortization formula. It estimates a level monthly payment that pays off the starting balance over the stated number of months, assuming the same monthly interest rate throughout.

Monthly payment: M = P × r ÷ [1 − (1 + r)⁻ⁿ]

Total interest: I = M × n − P

• P is the starting loan principal, in dollars.
• APR is the annual percentage rate entered as a percentage.
• r is the monthly rate, calculated as APR ÷ 1,200.
• n is the number of monthly payments, calculated as years × 12.
• M is the monthly payment, in dollars.
• I is estimated total interest over the full term, in dollars.

The displayed formula uses the unrounded payment calculation, while the calculator displays the monthly payment rounded to cents. The total-interest output is computed from the displayed payment and the entered number of months, less the principal; consequently it is an estimate and may differ slightly from a lender’s schedule, which accounts for payment rounding and actual dates.

Worked Example

With the default inputs—$20,000 principal, 8% APR, and a five-year term—the schedule has 60 monthly payments. The monthly rate is 8 ÷ 1,200 = 0.0066667, or about 0.66667%.

1. Payment: 20,000 × 0.0066667 ÷ [1 − (1 + 0.0066667)⁻⁶⁰] = approximately $405.53 per month.
2. Total paid using the displayed payment: $405.53 × 60 = $24,331.80.
3. Estimated total interest: $24,331.80 − $20,000 = $4,331.80.

The figures are rounded to cents for display. A lender’s final payment can differ by a small amount because the exact payment dates, rounding, and contract terms may be different.

Assumptions

• The interest rate stays fixed for the entire term.
• Payments are made monthly, with the first regular payment one month after the loan begins.
• Interest is modelled monthly at APR ÷ 12.
• Fees, taxes, insurance, mortgage insurance, escrow, and any extra or missed payments are not included.

What an Amortization Table Shows

A loan amortization table, also called an amortization schedule, lists each payment period separately. A typical row includes the payment number or date, opening balance, payment amount, interest portion, principal portion, and closing balance. The principal portion reduces what is owed; the interest portion is the cost of borrowing for that period under the schedule’s assumptions.

For a standard fixed-rate loan with equal monthly payments, the payment usually stays level, but its composition changes. Early payments generally devote a larger share to interest because the balance is higher. As principal is paid down, the interest calculated for later periods falls and more of each level payment goes toward principal. The final balance should reach zero, subject to rounding and the lender’s exact payment rules.

This page provides the payment and total-interest summary, not a row-by-row table. To build a detailed schedule, start with the principal, calculate that month’s interest as opening balance × monthly rate, subtract the interest from the payment to find principal repaid, then subtract that principal from the opening balance. Repeat for each period and use the lender’s treatment of the final payment and rounding.

How to Use the Estimate

• Enter the amount borrowed, not the total purchase price unless the entire price is financed.
• Enter the APR as a percentage, such as 8 for 8%, rather than 0.08.
• Enter the term in years. The formula converts it to monthly payments.
• Compare the outputs with the loan disclosure or account schedule, checking that the rate type, payment frequency, term, and financed amount match.

The total-interest figure is the sum implied by the estimated regular payment over the full term. It is not the same as the monthly payment, total amount borrowed, or APR. APR is an annualized rate measure; fees and the way a lender calculates APR may make it differ from the note rate used to calculate a payment. This calculator uses the APR directly as the periodic-rate input, so it is a simplified estimate rather than a full disclosure calculation.

Limitations and Common Errors

The formula assumes a fixed rate, regular equal monthly payments, and a fully amortizing loan. It does not model variable rates, irregular payment dates, interest-only periods, balloon payments, deferments, payment holidays, or extra principal. Those features can change the schedule and total interest. If a rate changes, the future payment or payoff date may be recalculated under the loan’s terms.

Common input mistakes include entering a monthly rate as an annual APR, confusing years with months, and using the original purchase price instead of the amount actually financed. A zero or negative APR is outside this calculator’s input range. Also, a seemingly small difference in the APR or term can change the payment and total interest, so use the figures in the lender’s current disclosure rather than an assumed rate or fee.

Extra principal payments, when permitted and correctly applied, can reduce the balance sooner and change future interest. This calculator does not estimate that effect. Likewise, paying more than the scheduled amount does not automatically mean a servicer applies the extra amount to principal; payment allocation depends on the account’s terms and instructions.

Frequently Asked Questions

What is a loan amortization table?
A table that breaks a loan’s payments into principal and interest and tracks the remaining balance over time. It helps show how repayment progresses, rather than only stating the monthly payment.

Can I get a full monthly amortization table from this calculator?
No. This calculator estimates the regular monthly payment and total interest. A full schedule requires a row for each month, including opening balance, interest, principal repaid, and closing balance.

Why does the interest portion decline over time?
With a fixed rate, periodic interest is calculated on the outstanding balance. As principal falls, the interest charged for a later period generally falls too, leaving more of a level payment to reduce principal.

Does the estimate include fees or taxes?
No. It models principal and interest only. Fees, insurance, taxes, escrow, and other charges can affect the amount due or the APR shown in a lender’s disclosure.

Why might my lender’s payment differ?
The loan may use a different rate basis, payment timing, rounding method, financed amount, or term. Variable rates and fees can also affect figures. Check the lender’s disclosure for the contract-specific schedule.

This result is an estimate; the lender’s disclosure gives the exact figures.

Related

• Amortization Table Formula: Calculate Each Payment
• Personal Loan Amortization Table Calculator
• Variable Rate Loan Amortization Table Calculator

in p | Loan amount | $ | 20000 | 1 | 100000000
in apr | Interest rate (APR) | % | 8 | 0.01 | 100
in yrs | Loan term | years | 5 | 0.0833 | 50
out pmt | Monthly payment | $ | p * (apr / 1200) / (1 - (1 + apr / 1200) ^ -(yrs * 12)) | 2
out int | Total interest | $ | pmt * yrs * 12 - p | 2