Your loan
Amortization method
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%
Fixed monthly payment
Monthly payment by method
With a fixed monthly payment (annuity), you pay the same total amount every month: mostly interest at first, mostly principal later. With fixed principal, you repay the same amount of principal every month: the payment starts higher, then decreases, and you pay less interest overall.
Check your input: enter a loan amount, interest rate, and term to calculate the schedule.
Interest and principal at a glance
Early in the term, your payment is mostly interest, because the remaining balance is largest then. As you pay down the loan, the interest share shrinks and the principal share grows.
What do you pay in total?
Interest and principal per year
Remaining balance and principal repaid
Amortization table
Amounts are rounded. The final payment is adjusted so the remaining balance ends at exactly $0.
How it works and key terms
With a fixed monthly payment (annuity), you pay the same total every month; the split between interest and principal shifts over the term. With fixed principal, you repay the same amount of principal every month; the payment starts higher but decreases, and you pay less interest overall.
Interest is charged on the remaining balance. At the start that balance is largest, so the interest share of your payment is highest. Every payment reduces the balance, so the interest share falls month after month.
- Payment: the total amount you pay that period.
- Interest: what the lender charges on the remaining balance.
- Principal: the part that pays down the loan itself.
- Balance: what is still owed after the payment.
The schedule uses a fixed monthly rate (annual rate divided by 12) and does not include fees, insurance, or rate changes. The result is indicative; your lender’s offer may differ.