What is Loan Amortization?
Loan amortization is the process of spreading out a loan into a series of fixed payments over time. You'll be paying off interest and principal in different amounts each month, although your total payment remains equal.
How this calculator works
This tool calculates your monthly payment and generates a complete schedule showing exactly where your money goes each year. Early in the loan term, most of your payment goes toward interest. As time passes, more of your payment goes toward reducing the principal balance.