ConvertOnlineAmortization Calculator and Payment Schedule
Report source: https://convertonline.org/calculators/amortization-calculator
Amortization Calculator
Scheduled monthly payment
Amortization schedule
| Payment | Date | Amount | Principal | Interest | Extra | Balance |
|---|
Amortization Calculator formula
Interest for each month = opening balance × annual rate ÷ 12. Principal = payment − interest. New balance = opening balance − principal − extra principal.
The final payment is adjusted by a few cents when necessary so the schedule ends with a zero balance.
Assumptions and limitations
- Payments are made once per month at a fixed annual interest rate.
- Results are estimates. A lender may use different rounding, fees, or payment dates.
- The calculation does not include taxes, insurance, or other costs unless a field specifically includes them.
Worked example
Example: amortizing a $200,000 balance
A $200,000 balance at 6% over 30 years has an estimated scheduled payment of $1,199.10 per month for principal and interest.
At the beginning, more of each payment goes to interest. The principal portion grows as the balance declines, while an extra principal payment accelerates that change.
Frequently asked questions
What is an amortization schedule?
It is a payment-by-payment record showing the amount applied to principal, interest, extra principal, and the remaining loan balance.
Why is interest higher near the start?
Interest is calculated from the outstanding balance. The balance is largest near the start, so the interest portion is also largest.
Why can the final payment be different?
Monthly payments are displayed to the nearest cent. The final payment may be adjusted slightly to clear the exact remaining balance.
This calculator provides an estimate for planning and education. Actual lender calculations, fees, and payment dates may differ.