This loan amortization calculator calculates your monthly payment, total paid and interest as well as the estimated payoff date together with an amortization schedule for your loan. There is in depth info on this terminology below the tool.
What is an amortization schedule?
No matter is it is an mortgage, personal, auto or student loan the amortization schedule refers to a table presenting the moment each periodic payment (usually on a monthly basis) on an amortizing loan takes place (calendar year and month) and it is usually created with the use of an loan amortization calculator like the one presented above.
In finance, the term of amortization refers to the process of repayment of a debt within a given period of time (usually referred to as loan term) through regular payments. These regular payments consist of a part of principal and part of the interest that should be paid for the use of money taken, thus in every amortization schedule there are two different columns showing the portion of payment that goes for the principal and the one for interest.
As it can be easily observed in any payment schedule, initially a large portion of each regular payment is devoted to interest while advancing with time as the loan matures the portion that goes towards principal continues to grow.
Usually the amortization schedule is presented either on an yearly or monthly basis, but it is adapted to the frequency of the payment method used. Then, since regular payment can take place weekly, bi-weekly, bi-monthly, quarterly, semi-annually or even annually the amortization can be generated at these levels too.
Example of a loan payment schedule table
Let’s consider that an individual takes in June 2015 an auto loan of $25,000 for 4 years (48 months), while the annual interest rate is considered to be 7% and the payments take place every month. Let’s use this loan amortization calculator to generate the repayment table. Please note that after filling in the data required and pressing “Calculate” button you need to click the “OPEN LOAN AMORTIZATION SCHEDULE” button as well (within the results area ) in order to open the amortization table. The information you will get is listed below:
■ Monthly payment: $598.66
■ Loan amount: $25,000.00
■ Total Paid: $28,735.49
■ Total Interest Paid: $3,735.49
■ Loan term: 48 months
■ Annual Interest rate: 7.00 %
■ Payment frequency: Monthly
■ Payoff date: May, 2019
| No of Pay | Initial Balance | Monthly payment | Interest Paid | Principal Paid | Remaing Balance |
| 1 | $25,000.00 | $598.65 | $145.83 | $452.82 | $24,547.18 |
| 2 | $24,547.18 | $598.65 | $143.19 | $455.46 | $24,091.71 |
| 3 | $24,091.71 | $598.65 | $140.53 | $458.12 | $23,633.59 |
| 4 | $23,633.59 | $598.65 | $137.86 | $460.79 | $23,172.80 |
| 5 | $23,172.80 | $598.65 | $135.17 | $463.48 | $22,709.32 |
| 6 | $22,709.32 | $598.66 | $132.47 | $466.19 | $22,243.13 |
| 7 | $22,243.13 | $598.65 | $129.75 | $468.90 | $21,774.23 |
| 8 | $21,774.23 | $598.66 | $127.02 | $471.64 | $21,302.59 |
| 9 | $21,302.59 | $598.66 | $124.27 | $474.39 | $20,828.20 |
| 10 | $20,828.20 | $598.66 | $121.50 | $477.16 | $20,351.04 |
| 11 | $20,351.04 | $598.65 | $118.71 | $479.94 | $19,871.10 |
| 12 | $19,871.10 | $598.65 | $115.91 | $482.74 | $19,388.36 |
| 13 | $19,388.36 | $598.66 | $113.10 | $485.56 | $18,902.80 |
| 14 | $18,902.80 | $598.66 | $110.27 | $488.39 | $18,414.41 |
| 15 | $18,414.41 | $598.66 | $107.42 | $491.24 | $17,923.17 |
| 16 | $17,923.17 | $598.65 | $104.55 | $494.10 | $17,429.06 |
| 17 | $17,429.06 | $598.66 | $101.67 | $496.99 | $16,932.08 |
| 18 | $16,932.08 | $598.66 | $98.77 | $499.89 | $16,432.19 |
| 19 | $16,432.19 | $598.65 | $95.85 | $502.80 | $15,929.39 |
| 20 | $15,929.39 | $598.65 | $92.92 | $505.73 | $15,423.66 |
| 21 | $15,423.66 | $598.65 | $89.97 | $508.68 | $14,914.97 |
| 22 | $14,914.97 | $598.65 | $87.00 | $511.65 | $14,403.32 |
| 23 | $14,403.32 | $598.66 | $84.02 | $514.64 | $13,888.68 |
| 24 | $13,888.68 | $598.66 | $81.02 | $517.64 | $13,371.04 |
| 25 | $13,371.04 | $598.66 | $78.00 | $520.66 | $12,850.39 |
| 26 | $12,850.39 | $598.66 | $74.96 | $523.70 | $12,326.69 |
| 27 | $12,326.69 | $598.66 | $71.91 | $526.75 | $11,799.94 |
| 28 | $11,799.94 | $598.65 | $68.83 | $529.82 | $11,270.12 |
| 29 | $11,270.12 | $598.65 | $65.74 | $532.91 | $10,737.20 |
| 30 | $10,737.20 | $598.65 | $62.63 | $536.02 | $10,201.18 |
| 31 | $10,201.18 | $598.66 | $59.51 | $539.15 | $9,662.03 |
| 32 | $9,662.03 | $598.65 | $56.36 | $542.29 | $9,119.74 |
| 33 | $9,119.74 | $598.66 | $53.20 | $545.46 | $8,574.28 |
| 34 | $8,574.28 | $598.66 | $50.02 | $548.64 | $8,025.64 |
| 35 | $8,025.64 | $598.66 | $46.82 | $551.84 | $7,473.80 |
| 36 | $7,473.80 | $598.66 | $43.60 | $555.06 | $6,918.74 |
| 37 | $6,918.74 | $598.66 | $40.36 | $558.30 | $6,360.44 |
| 38 | $6,360.44 | $598.65 | $37.10 | $561.55 | $5,798.89 |
| 39 | $5,798.89 | $598.66 | $33.83 | $564.83 | $5,234.06 |
| 40 | $5,234.06 | $598.65 | $30.53 | $568.12 | $4,665.94 |
| 41 | $4,665.94 | $598.66 | $27.22 | $571.44 | $4,094.50 |
| 42 | $4,094.50 | $598.65 | $23.88 | $574.77 | $3,519.73 |
| 43 | $3,519.73 | $598.65 | $20.53 | $578.12 | $2,941.60 |
| 44 | $2,941.60 | $598.66 | $17.16 | $581.50 | $2,360.11 |
| 45 | $2,360.11 | $598.66 | $13.77 | $584.89 | $1,775.22 |
| 46 | $1,775.22 | $598.66 | $10.36 | $588.30 | $1,186.92 |
| 47 | $1,186.92 | $598.65 | $6.92 | $591.73 | $595.18 |
| 48 | $595.18 | $598.65 | $3.47 | $595.18 | $0.00 |