Loan payment & amortization
Payment, total interest, extra payments and a downloadable schedule.
$
The principal you borrow.%
The nominal annual rate (APR), compounded with each payment.yrs
How many years until the loan is repaid.How often you make a payment; interest compounds at the same frequency.
$
Optional: see how much sooner the loan is paid off.Payment per period$483.32
Total interest$3,999.20
Paid off in5.00 years60 payments
Formula and steps
1
Rate per payment and number of payments
i = APRf = 0.060012 = 0.5000%; n = years × f = 60
2
Level payment that repays the loan (an ordinary annuity)
PMT = PV × i1 − (1 + i)−n = 25,000.00 × 0.0050001 − 1.005000−60 = $483.32
3
Total interest without extra payments
Interest = n × PMT − PV = 60 × 483.32 − 25,000.00 = $3,999.20
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $483.32 | $125.00 | $358.32 | $24,641.68 |
| 2 | $483.32 | $123.21 | $360.11 | $24,281.57 |
| 3 | $483.32 | $121.41 | $361.91 | $23,919.66 |
| 4 | $483.32 | $119.60 | $363.72 | $23,555.93 |
| 5 | $483.32 | $117.78 | $365.54 | $23,190.39 |
| 6 | $483.32 | $115.95 | $367.37 | $22,823.03 |
| 7 | $483.32 | $114.12 | $369.20 | $22,453.82 |
| 8 | $483.32 | $112.27 | $371.05 | $22,082.77 |
| 9 | $483.32 | $110.41 | $372.91 | $21,709.86 |
| 10 | $483.32 | $108.55 | $374.77 | $21,335.09 |
| 11 | $483.32 | $106.68 | $376.64 | $20,958.45 |
| 12 | $483.32 | $104.79 | $378.53 | $20,579.92 |
| 13 | $483.32 | $102.90 | $380.42 | $20,199.50 |
| 14 | $483.32 | $101.00 | $382.32 | $19,817.18 |
| 15 | $483.32 | $99.09 | $384.23 | $19,432.94 |
| 16 | $483.32 | $97.16 | $386.16 | $19,046.79 |
| 17 | $483.32 | $95.23 | $388.09 | $18,658.70 |
| 18 | $483.32 | $93.29 | $390.03 | $18,268.68 |
| 19 | $483.32 | $91.34 | $391.98 | $17,876.70 |
| 20 | $483.32 | $89.38 | $393.94 | $17,482.76 |
| 21 | $483.32 | $87.41 | $395.91 | $17,086.86 |
| 22 | $483.32 | $85.43 | $397.89 | $16,688.97 |
| 23 | $483.32 | $83.44 | $399.88 | $16,289.10 |
| 24 | $483.32 | $81.45 | $401.87 | $15,887.22 |
| 25 | $483.32 | $79.44 | $403.88 | $15,483.34 |
| 26 | $483.32 | $77.42 | $405.90 | $15,077.43 |
| 27 | $483.32 | $75.39 | $407.93 | $14,669.50 |
| 28 | $483.32 | $73.35 | $409.97 | $14,259.53 |
| 29 | $483.32 | $71.30 | $412.02 | $13,847.51 |
| 30 | $483.32 | $69.24 | $414.08 | $13,433.42 |
| 31 | $483.32 | $67.17 | $416.15 | $13,017.27 |
| 32 | $483.32 | $65.09 | $418.23 | $12,599.04 |
| 33 | $483.32 | $63.00 | $420.32 | $12,178.71 |
| 34 | $483.32 | $60.89 | $422.43 | $11,756.29 |
| 35 | $483.32 | $58.78 | $424.54 | $11,331.75 |
| 36 | $483.32 | $56.66 | $426.66 | $10,905.09 |
| 37 | $483.32 | $54.53 | $428.79 | $10,476.29 |
| 38 | $483.32 | $52.38 | $430.94 | $10,045.35 |
| 39 | $483.32 | $50.23 | $433.09 | $9,612.26 |
| 40 | $483.32 | $48.06 | $435.26 | $9,177.00 |
| 41 | $483.32 | $45.89 | $437.44 | $8,739.57 |
| 42 | $483.32 | $43.70 | $439.62 | $8,299.94 |
| 43 | $483.32 | $41.50 | $441.82 | $7,858.12 |
| 44 | $483.32 | $39.29 | $444.03 | $7,414.09 |
| 45 | $483.32 | $37.07 | $446.25 | $6,967.84 |
| 46 | $483.32 | $34.84 | $448.48 | $6,519.36 |
| 47 | $483.32 | $32.60 | $450.72 | $6,068.64 |
| 48 | $483.32 | $30.34 | $452.98 | $5,615.66 |
| 49 | $483.32 | $28.08 | $455.24 | $5,160.42 |
| 50 | $483.32 | $25.80 | $457.52 | $4,702.90 |
| 51 | $483.32 | $23.51 | $459.81 | $4,243.10 |
| 52 | $483.32 | $21.22 | $462.10 | $3,780.99 |
| 53 | $483.32 | $18.90 | $464.42 | $3,316.58 |
| 54 | $483.32 | $16.58 | $466.74 | $2,849.84 |
| 55 | $483.32 | $14.25 | $469.07 | $2,380.77 |
| 56 | $483.32 | $11.90 | $471.42 | $1,909.35 |
| 57 | $483.32 | $9.55 | $473.77 | $1,435.58 |
| 58 | $483.32 | $7.18 | $476.14 | $959.44 |
| 59 | $483.32 | $4.80 | $478.52 | $480.92 |
| 60 | $483.32 | $2.40 | $480.92 | $0.00 |
About this calculator
Find the payment on a fixed-rate loan such as a car loan, student loan or mortgage, the total interest you will pay, and how extra payments shorten the loan. The amortization schedule splits every payment into interest and principal.
Formula
PMT = PV × i1 − (1 + i)−n, where i is the rate per payment and n the number of payments
- Extra principal payments cut the total interest and the number of payments.
- Download the schedule as a CSV file to open in Excel or Google Sheets.
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