Amortization Schedule Calculator
Calculate your monthly payment and see how the very first payment splits into interest versus principal. Free and accurate.
- Monthly payment
- 1199.1
- Total interest
- 231676.38
- First-month interest
- 1000
- First-month principal
- 199.1
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in years.
- Read the monthly payment, total interest, and how the first payment splits into interest and principal.
Examples
- $200,000 at 6% / 30 yr:
payment $1,199.10 - First payment split:
$1,000 interest, $199.10 principal
FAQ
- What is an amortization schedule?
- A breakdown of every payment over the life of the loan, showing how much of each payment goes to interest versus principal and how the balance falls to zero.
- Why is so much of my first payment interest?
- Interest is charged on the outstanding balance, which is highest at the start. Early payments are mostly interest, and the principal portion grows each month as the balance drops.
- How is the first-month interest calculated?
- It is the loan amount times the monthly rate (annual rate ÷ 12 ÷ 100). The rest of the payment goes to principal.