Use this Amortization Schedule Calculator to estimate your monthly loan or mortgage repayments, and check a free amortization chart.
There are two general definitions of amortization. The first is the systematic repayment of a loan over time. The second is used in the context of business accounting and is the act of spreading the cost of an expensive and long-lived item over many periods. The two are explained in more detail in the sections below.
When you’re deciding how much to borrow or comparing loans, it’s helpful to get an estimate of your monthly payment and the total amount you’ll pay in principal versus interest. You can use our loan amortization calculator to explore how different loan terms affect your payments and the amount you’ll owe in interest. You can also see an amortization schedule, which shows how the share of your monthly payment going toward interest changes over time.
Keep in mind that this calculator provides an estimate only, based on your inputs. It doesn’t consider other variables, such as mortgage closing costs or loan fees, that could add to your loan amount and increase your monthly payment. It also doesn’t consider the variable rates that come with adjustable-rate mortgages.
To get started, you’ll need to enter the following information about your loan:
An amortization schedule is a table that lists each monthly payment from the time you start repaying the loan until the loan matures, or is paid off. The amortization schedule details how much will go toward each component of your mortgage payment — principal or interest — at each month throughout the loan term.
If you choose to. If you refinance your mortgage to a new loan, for example, you’ll get a new amortization schedule. You can also change your amortization schedule by recasting your mortgage — paying a lump sum to your current loan — or by prepaying, either with biweekly payments, one additional payment per year or whenever you have extra funds.
