Free calculator
Amortization schedule calculator
Build a month-by-month table for a fixed-rate, fully amortizing loan—auto, personal, or any simple level-payment credit with the same structure: one payment, how much is interest vs principal, and balance after each period. Enter a nominal annual rate and a term in years or months. For the same structure in a workbook, use the Google Sheets & Excel section for PMT, PPMT, and IPMT patterns.
When to use this calculator
Quick checks for any level-payment fixed-rate loan—before you paste the same logic into a model.
- See the total interest over the life of a simple loan and how it declines as principal is paid down.
- Compare how the same principal and rate behave over shorter vs longer terms (all else equal).
- Export the idea of an amortization table into a sheet using the copy-ready formulas below.
- Teach or sanity-check
PMT/PPMT/IPMTnext to a transparent schedule on this page.
For a fixed nominal annual rate and equal monthly payments, the lender charges interest on the remaining balance each month. Early payments are more interest and less principal; later payments flip. The schedule below is the standard fixed-rate, fully amortizing case.
Monthly rate from the quoted annual
The tool divides your nominal annual percent by 12 to get a monthly periodic rate i (in decimal). Compounding here lines up with monthly payments: each month interest accrues on the outstanding balance at that i.
Level payment (annuity-style)
The monthly payment is the value that pays the loan to zero after n months at that rate. With 0% interest, it is simply principal ÷ n; with positive i, it follows the standard PMT identity you see in the spreadsheet card.
Principal vs interest each month
Each line: interest = starting balance × i (or 0 if i = 0), principal = payment − interest, new balance = old balance − principal. The last row is adjusted so the balance reaches 0 (floating-point drift, not a different product).
This is not a balloon loan, interest-only period, variable rate, or an adjustable mortgage. Those products need a different model or a full spreadsheet timeline.
Loan amortization (debt) is a different use of the word from amortization in accounting for intangible assets. If you need both senses, the Lexicon link below covers the broader term; this page is only the debt schedule math.
Google Sheets & Excel
These patterns match level monthly payments, end-of-period timing, and the same sign style as the built-in PMT / PPMT / IPMT functions (outflows are negative in Excel/Sheets by convention). Replace annualRate, nMonths, and balanceRef with your values or cell references.
=PMT(annualRate/12,nMonths,-principal)Sheets and Excel return PMT as a negative outflow; negate or format as needed. nMonths is the total number of monthly payments.
=PPMT(annualRate/12,monthIndex,nMonths,-principal)monthIndex is 1 for the first payment, 2 for the second, and so on—same convention as the schedule table above.
=IPMT(annualRate/12,monthIndex,nMonths,-principal)Pair with PPMT in the same period to reconcile principal + interest to the level payment (up to small rounding).
Frequently asked questions
What is an amortization schedule?
A table of loan payments that shows, for each period, how much of the payment goes to interest vs principal and the ending balance after the payment. For a fixed rate and level payment, the interest part usually starts higher and falls over time.
Can I use this for a car loan?
Yes, when the real loan matches this simplified model: fixed nominal rate, level monthly payments, and the balance is fully paid by the end of the term. Dealers and lenders can add fees, add-ons, or different rounding—this page is an illustration, not your payoff quote.
How is the monthly payment calculated?
This page uses a fully amortizing, fixed nominal annual rate and monthly payments. The tool converts the rate to a monthly periodic rate, then finds the level payment that pays the principal to zero after the number of months you enter. At 0% interest, the payment is principal ÷ number of months.
Why is so much of my first payment interest?
Interest is charged on the outstanding balance. At the start, the balance is highest, so the interest portion of a level payment is largest at the beginning. As principal is paid down, the interest part shrinks and the principal part grows (for a simple fixed-rate loan with equal payments).
What is the difference between loan term and amortization?
Sometimes people say amortized over 30 years but due in 10—the payment might be based on a longer amortization while the loan matures with a balloon (large final payment) or refinance. This calculator is the case where the balance reaches zero at the end of the term; it does not model a separate balloon or reset.
Is this the same “amortization” as in EBITDA?
Not exactly. Loan amortization (this page) is a debt repayment schedule. In financial statements, amortization of intangibles is a different accounting allocation of cost over time. Same word, different job—see the Lexicon article for the broader picture.
Does this include APR / TAEG or fees?
No. You enter a nominal annual interest rate. APY, APR, TEG/TAEG, and similar figures may include fees, timing, and jurisdiction-specific rules. Treat this as a rate-and-term illustration, not a disclosure from a lender.
How do I match this page in Google Sheets or Excel?
Use =PMT(annualRate/12, n, -principal) for the level payment, and =PPMT / =IPMT with the same annualRate/12, n, principal, and per index for a given month. The spreadsheet block lists copy-ready forms; your sheet’s rounding may differ slightly from the table for cent-level tie-breaks.
Why could my bank’s number differ by a few cents?
Lenders and core systems can round rates, payments, or each interest accrual differently. The schedule here is transparent and consistent, but you should not treat it as an official payoff or legal payoff quote without your actual loan terms.
Is this lending, legal, or tax advice?
No. It is a free educational calculator. Real loans include fees, insurance, late rules, and prepayment terms this page does not model. Use professionals and your documents for decisions with money on the line.