Home & mortgage
Amortization Schedule Calculator
Build the full amortization schedule for any fixed-rate loan: weekly to monthly or accelerated payments, extra and one-off payments, and Canadian rate quotes.
Monthly payment
$1,896.20
paid off in 30 yrs
How the payment was worked out
$300,000.00 over 360 payments at 0.54167% a month gives $1,896.20 per month.
Read the nominal way, 6.5% ÷ 12 is charged each month, which compounds to 6.6972% a year effective. Interest is rounded to the smallest unit every period and the final payment settles what is left, so it is $1,900.91.
Total interest
$382,636.71
56.1% of everything paid
Total paid
$682,636.71
over 360 payments
Payoff
30 yrs
add a first payment date for the month
Interest saved
$0.00
add an extra or one-off payment
Fixed rate for the whole term. An estimate, not financial advice, providers may calculate differently.
- Balance
- Principal
- Interest
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Total | $300,000.00 | $382,636.71 | $0.00 |
A loan year is 12 payments from the first, not a calendar year. Formula total interest, without rounding each period: $382,633.47.
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How this is calculated
The schedule starts from the level payment that clears the loan over the term, using the rate per payment that your quotation implies: the yearly rate divided by the payments a year for an ordinary quote, or the half-yearly compounding Canadian mortgages use. Each row then charges interest on the balance left after the previous row, rounds it to the cent, and sends the rest of the payment, plus any extra or lump sum, to principal. An accelerated plan pays half or a quarter of the monthly payment every two weeks or every week, so a thirteenth monthly payment goes to principal each year. Every saving is measured against the same loan paid the plain way.
PaymentP × r ÷ (1 − (1 + r)−n)
interestbalance × r, principal = payment − interest + extra
- P
- the Loan amount
- r
- the rate charged each payment, from the Interest rate, its quotation and the Payment plan
- n
- the number of payments: Term (years) × payments a year
What this does not include
- Rate changes: the rate you enter holds for the whole term, as on a fixed-rate loan.
- Fees, insurance and taxes collected with the payment; the schedule is principal and interest.
- Daily interest accrual: interest is charged per payment period, not by the calendar day.
- Early-repayment charges a lender may take on extra or lump-sum payments.
How this calculator works
Reading an amortization schedule: rate quotes, plans and lump sums. How each row of a schedule is built, why a Canadian 5% charges less than an American one, and what accelerated payments and a lump sum do to a 30-year loan.
This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.