Amortization Calculator

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Use this amortization calculator to work out your schedule of monthly repayments and the split of principal and interest on your loan or mortgage.


Disclaimer: Whilst every effort has been made in building this tool, we are not to be held liable for any damages or monetary losses arising out of or in connection with the use of it. Full disclaimer. This tool is here purely as a service to you, please use it at your own risk.

What is an amortization schedule?

An amortization schedule is a calculated table of periodic payments and is used by lenders to represent a schedule of repayments on a loan or mortgage over a period of time.

The term 'amortization' refers to the action of paying off a debt with regular set payments, with the debt reducing over time. As more of the principal loan balance is repaid over time, less interest becomes due on the remaining principal balance. Hence, over time the split of interest vs principal changes over the life of the loan, with interest reducing and more of the principal being paid off.

Note that in British English, amortization is spelled as 'amortisation'.

Amortization calculation example

Below is an example amortization schedule for a loan of $3000 at 5% over 11 months.

Payment date Payment Principal Interest Balance
Jan 2021---$3,000.00
Feb 2021$279.59$267.09$12.50$2,732.91
Mar 2021$279.59$268.21$11.39$2,464.70
Apr 2021$279.59$269.32$10.27$2,195.38
May 2021$279.59$270.45$9.15$1,924.93
Jun 2021$279.59$271.57$8.02$1,653.36
Jul 2021$279.59$272.70$6.89$1,380.66
Aug 2021$279.59$273.84$5.75$1,106.82
Sep 2021$279.59$274.98$4.61$831.84
Oct 2021$279.59$276.13$3.47$555.71
Nov 2021$279.59$277.28$2.32$278.43
Dec 2021$279.59$278.43$1.16$0.00
Example amortization schedule