Amortization Calculator

See every month of a fixed-rate loan: how much of each payment is interest, how much repays the loan, and what is left.

Monthly payment

1,498.54

Total interest

3,947.61

Total of payments

53,947.61

Interest in month 1

208.33

Principal in month 1

1,290.21

Amounts are rounded to 2 decimals for display; lenders round each month, so their last payment may differ by a few cents.

Monthly amortization schedule (36)

Month	Payment	Interest	Principal	Balance
1	1,498.54	208.33	1,290.21	48,709.79
2	1,498.54	202.96	1,295.59	47,414.20
3	1,498.54	197.56	1,300.99	46,113.22
4	1,498.54	192.14	1,306.41	44,806.81
5	1,498.54	186.70	1,311.85	43,494.96
6	1,498.54	181.23	1,317.32	42,177.64
7	1,498.54	175.74	1,322.80	40,854.84
8	1,498.54	170.23	1,328.32	39,526.52
9	1,498.54	164.69	1,333.85	38,192.67
10	1,498.54	159.14	1,339.41	36,853.26
11	1,498.54	153.56	1,344.99	35,508.27
12	1,498.54	147.95	1,350.59	34,157.68
13	1,498.54	142.32	1,356.22	32,801.46
14	1,498.54	136.67	1,361.87	31,439.59
15	1,498.54	131.00	1,367.55	30,072.04
16	1,498.54	125.30	1,373.24	28,698.79
17	1,498.54	119.58	1,378.97	27,319.83
18	1,498.54	113.83	1,384.71	25,935.12
19	1,498.54	108.06	1,390.48	24,544.63
20	1,498.54	102.27	1,396.28	23,148.36
21	1,498.54	96.45	1,402.09	21,746.27
22	1,498.54	90.61	1,407.94	20,338.33
23	1,498.54	84.74	1,413.80	18,924.53
24	1,498.54	78.85	1,419.69	17,504.84
25	1,498.54	72.94	1,425.61	16,079.23
26	1,498.54	67.00	1,431.55	14,647.68
27	1,498.54	61.03	1,437.51	13,210.17
28	1,498.54	55.04	1,443.50	11,766.66
29	1,498.54	49.03	1,449.52	10,317.15
30	1,498.54	42.99	1,455.56	8,861.59
31	1,498.54	36.92	1,461.62	7,399.97
32	1,498.54	30.83	1,467.71	5,932.26
33	1,498.54	24.72	1,473.83	4,458.43
34	1,498.54	18.58	1,479.97	2,978.46
35	1,498.54	12.41	1,486.13	1,492.33
36	1,498.54	6.22	1,492.33	0.00

Formula with your numbers

Payment = P·r ÷ (1 − (1 + r)^−n), r = 5% ÷ 12, n = 36 → 1,498.54
Month 1 50,000.00 × 5% ÷ 12 = 208.33; 1,498.54 − 208.33 = 1,290.21

Quick answer: A 50,000 loan at 5% over 36 months has a payment of 1,498.54; in month 1, 208.33 is interest and 1,290.21 reduces the balance to 48,709.79, and total interest is 3,947.61.

How it's calculated

The payment is fixed: M = P·r ÷ (1 − (1 + r)^−n), with r the annual rate ÷ 12 and n the number of months.

Each month the interest is the remaining balance × r. The rest of the payment repays principal, so the balance falls a little faster every month and the interest share shrinks.

The same schedule applies to Islamic finance at a fixed profit rate, where the interest column is the profit. For a mortgage with extra payments, use the mortgage amortization calculator.

Worked examples

50,000 at 5% for 36 months: M = 1,498.54
Month 1: interest 50,000 × 5% ÷ 12 = 208.33, principal 1,290.21, balance 48,709.79
Month 2: interest 202.96, principal 1,295.59, balance 47,414.20

Frequently asked questions

What is amortization?

Repaying a loan in equal installments that each cover that month's interest and part of the principal, so the loan is fully repaid at the end of the term.

Why is so much of the early payment interest?

Interest is charged on the balance, which is largest at the start. As the balance falls, more of the same payment goes to principal.

Can I see the schedule by year?

The mortgage calculator shows a year-by-year summary; this page lists every month.

Does the monthly payment change over the loan?

Not with a fixed rate. The payment stays the same, while the interest part shrinks and the balance part grows each month.

How can I reduce the total interest?

Choose a shorter term or pay extra towards the balance. Early extra payments save the most, because they cut the interest charged in every later month.

What is the last payment in the schedule?

It clears whatever is left of the balance, so it can differ by a few fils or cents because of rounding.