---
title: "Loan Amortization Schedule Calculator | Yield Willow"
description: "Enter a loan amount, rate, term and first payment date for the monthly payment, a full amortization schedule, totals, a chart, CSV download and print."
url: https://yieldwillow.bond/
---

Loan calculator, 1 of 5

# Loan amortization schedule

Every fixed-rate loan repays itself on a timetable. Enter the amount, rate, term and first payment date to see the payment, where each dollar goes, and the full schedule to download or print.

**Educational use only — not financial advice.** The rate and terms are whatever you enter; the defaults are examples, not quotes. Your lender's documents are the authority on your loan.

## How amortization works

A fixed-rate loan has one level payment, worked out so the balance reaches zero on the last payment:

M = P × r ÷ (1 − (1 + r)−n)

P is the amount borrowed, r the yearly rate divided by 12 and n the number of monthly payments. Each month the lender charges interest on the balance (balance × r); whatever is left of the payment repays principal. Early on the balance is large, so interest takes a big share; as it shrinks, more of the same payment goes to principal, which is why the columns in the chart change colour over time.

**Worked example:** $25,000 at 6.5% for 5 years. r = 0.065 ÷ 12 = 0.0054167 and n = 60, so M = $489.15. The first month's interest is $25,000 × 0.0054167 = $135.42, leaving $353.73 for principal. Over 60 payments you pay $4,349.20 of interest.

Payments are rounded to the cent, so the last one is adjusted by a few cents to land exactly on zero. Switch the table to "By year" for calendar-year totals, which is handy for comparing against a year-end statement.

## Sources

- Consumer Financial Protection Bureau, Regulation Z, [Appendix J to Part 1026 — Annual Percentage Rate Computations for Closed-End Credit Transactions](https://www.consumerfinance.gov/rules-policy/regulations/1026/j/): the actuarial method behind level loan payments.
- Consumer Financial Protection Bureau, [What is the difference between a mortgage interest rate and an APR?](https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-mortgage-interest-rate-and-an-apr-en-135/)

## More loan calculators

Four more ways to look at the same kind of loan.

- [Mortgage payment calculator](https://yieldwillow.bond/mortgage-payment-calculator/): Principal and interest plus property tax, insurance, PMI and HOA dues, all as your own figures.
- [Extra payment savings](https://yieldwillow.bond/extra-payment-calculator/): Monthly, yearly or one-off extra payments: months saved and interest saved.
- [Loan comparison](https://yieldwillow.bond/loan-comparison-calculator/): Two or three offers with their fees: payment, total cost and an APR estimate.
- [Refinance break-even](https://yieldwillow.bond/refinance-break-even-calculator/): How long closing costs take to pay back, and whether a new loan costs less overall.

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## Questions

**Why is so much of my early payment interest?**

Interest is charged on the balance, and the balance is largest at the start. On a 30-year mortgage at 6.5%, interest is about 86% of the first payment. The payment never changes, so as the balance falls the interest part shrinks and the principal part grows.

**Does this work for car loans and personal loans?**

Yes, for any fixed-rate loan repaid in equal monthly payments. Enter the amount you borrow, the interest rate and the term. Variable-rate loans, interest-only periods and balloon payments follow different schedules.

**Why might my lender's schedule differ by a few cents?**

Lenders may count interest by the day rather than by the month, round differently, or set the first payment date further from the loan date. The totals here use the standard monthly method and should land within cents to a few dollars.