Loan Amortization Calculator
See your payment and balance over time.
- Total Interest —
- Total Paid —
How Amortization Works
Each payment covers that period’s interest first, with the rest going toward principal. Early payments are mostly interest since the balance is still high; later payments are mostly principal as the balance shrinks. The chart above shows this decline over the full loan term.
What Each Input Means
Loan Amount is the total amount borrowed.
Annual Interest Rate is the loan’s APR.
Loan Term (months) is how many months you’ll be paying it off.
Worked Example
A $20,000 loan at 6% APR for 60 months has a monthly payment of $386.66. Over the full term you’ll pay $3,199.37 in total interest, for $23,199.60 paid overall.
Frequently Asked Questions
What does the chart show?
Your remaining loan balance over the life of the loan. It starts at the full loan amount and declines to $0 by the final payment — slowly at first, since early payments are mostly interest, then faster as more of each payment goes toward principal.
Why does the last payment sometimes differ slightly?
Rounding every payment to the nearest cent over many months can leave a few cents of drift. The final payment is adjusted so the balance lands on exactly $0.
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