Free Loan & Amortization Calculator
A free loan calculator with a full amortization schedule — enter the amount, rate and term to see your payment and how it splits between principal and interest.
How the amortizing loan calculator works
It spreads any fixed-rate loan into equal monthly payments, each splitting between interest on the current balance and principal reduction. The full schedule shows how that split shifts toward principal over time.
Worked example: with loan amount of $25,000, monthly payment of $500 and interest rate (apr) of 7.50%, the amortizing loan calculator shows monthly payment of $500.95.
- Loan amount
- $25,000
- Monthly payment
- $500.95
- Total interest
- $5,057
- Total of payments
- $30,057
The formula
Payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r the monthly rate and n the number of payments.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the amortizing loan calculator
What is an amortizing loan?
One repaid in equal periodic payments that fully clear the balance by the end of the term, with each payment covering interest first and principal second.
Why is early-payment interest so high?
Interest is charged on the outstanding balance, which is largest at the start. As principal falls, the interest portion of each payment shrinks and the principal portion grows.
How does the term affect what I pay?
A longer term lowers each payment but increases total interest, because you owe the money for longer. A shorter term costs more monthly but far less overall.
Is the Amortizing Loan Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.