finance ToolUpdated 2026-09-22
Amortization Table Calculator
Plan your borrowing with our free amortization table. Enter the loan amount, interest rate, and term to see your exact periodic payment and lifetime interest costs.
Financial & Loan Estimation Notice: Calculations provided are estimates for personal educational planning. Actual loan terms, payment amounts, taxes, and interest charges will vary based on lender underwriting, individual creditworthiness, local statutory regulations, and market conditions.
Formula & Mathematical Methodology
PMT = P × [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
Applies the standard fixed-rate loan amortization formula where r is the periodic rate and n is total payment periods.
How to Use This Amortization Table Calculator
- Enter the borrowing amount or remaining principal.
- Enter the annual percentage rate (APR).
- Specify the loan term in years.
- Click calculate to inspect your monthly installment and total interest costs.
Step-by-Step Worked Example
Scenario: $150,000 loan at 7.0% APR for 15 years
1. Monthly interest rate: 7.0% ÷ 12 = 0.5833%
2. Total monthly periods: 15 × 12 = 180 months
3. Calculate monthly installment: PMT = $1,348.24 / month
4. Total lifetime payments: $1,348.24 × 180 = $242,683.20
5. Total interest paid: $242,683.20 - $150,000 = $92,683.20
Final Calculated Result: $1,348.24 / month ($92,683.20 total interest)
What Does Your Result Mean?
Standard fixed monthly payment covering interest amortization and principal reduction.
Common Practical Applications:
- Comparing 15-year vs 30-year terms
- Evaluating extra principal payments
- Calculating construction and land loans
Important Limitations & Assumptions:
- Does not include escrow taxes or property insurance unless added.
Frequently Asked Questions
How do extra payments reduce loan interest?
Extra monthly payments go 100% towards the loan principal, which decreases the balance that generates future compound interest.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing, while the APR includes lender fees, points, and other loan financing charges.
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