Loan and Mortgage Calculator: Monthly Payment and Schedule

Amortization schedule by year
Paid	Principal	Interest	Balance
11,381.04	5,455.65	5,925.39	194,544.35
11,381.04	5,621.58	5,759.46	188,922.77
11,381.04	5,792.56	5,588.48	183,130.21
11,381.04	5,968.75	5,412.29	177,161.46
11,381.04	6,150.32	5,230.72	171,011.14
11,381.04	6,337.37	5,043.67	164,673.77
11,381.04	6,530.13	4,850.91	158,143.64
11,381.04	6,728.74	4,652.30	151,414.90
11,381.04	6,933.40	4,447.64	144,481.50
11,381.04	7,144.29	4,236.75	137,337.21
11,381.04	7,361.62	4,019.42	129,975.59
11,381.04	7,585.49	3,795.55	122,390.10
11,381.04	7,816.23	3,564.81	114,573.87
11,381.04	8,053.97	3,327.07	106,519.90
11,381.04	8,298.95	3,082.09	98,220.95
11,381.04	8,551.36	2,829.68	89,669.59
11,381.04	8,811.47	2,569.57	80,858.12
11,381.04	9,079.46	2,301.58	71,778.66
11,381.04	9,355.63	2,025.41	62,423.03
11,381.04	9,640.19	1,740.85	52,782.84
11,381.04	9,933.41	1,447.63	42,849.43
11,381.04	10,235.55	1,145.49	32,613.88
11,381.04	10,546.87	834.17	22,067.01
11,381.04	10,867.65	513.39	11,199.36
11,382.22	11,199.36	182.86	0.00

How to use it

Choose the repayment method. Fixed payment is the usual choice for mortgages and personal loans: every instalment is the same. Fixed principal repays the same share of capital every month, so the payments start higher and go down.
Type amount, rate and term. Enter the amount borrowed, the nominal annual interest rate (not the APR) and the term. Switch between years and months with the buttons below the fields.
Read the payment and the schedule. The monthly payment, total interest and total repaid update as you type. Below the chart, open any year to see its months, or download the whole schedule as CSV.

How the monthly payment is calculated

Most loans and mortgages use an annuity, also called the French amortization method: the payment stays the same for the whole term, while the share that goes to interest falls and the share that repays the capital grows. The payment comes from this formula:

payment = P × i ÷ (1 − (1 + i)^−n)

Here P is the amount borrowed, i is the monthly rate (the annual rate divided by 12 and by 100) and n is the number of monthly payments. If the rate is 0%, the formula would divide by zero, so the payment is simply P ÷ n.

Each month the interest is the outstanding balance times i; the rest of the payment reduces the balance. The calculator rounds every line of the schedule to the cent and adjusts the very last payment so that the balance closes exactly at zero. That is why the last instalment can differ by a few cents, as on a real bank schedule.

Mortgage of 200,000 at 3% over 25 years

i = 3 ÷ 12 ÷ 100 = 0.0025 and n = 300. The payment is 948.42 a month; the last one is 949.60. Total interest is 84,527.18 and you repay 284,527.18 in all.

Fixed payment or fixed principal

With the fixed principal method (common in Italy, where it is called the Italian method) the capital is divided into equal parts and the interest is added on top, so the first payment is the highest and each one is a little lower than the previous one. You pay less interest overall, because the debt falls faster, but the early payments are heavier.

200,000 at 3%, 25 years	Fixed payment	Fixed principal
First payment	948.42	1,166.67
Last payment	949.60	667.33
Total interest	84,527.18	75,249.67

In the first year of the fixed-payment mortgage you pay 11,381.04: 5,925.39 is interest and only 5,455.65 repays the capital. The chart above the schedule shows how the balance between the two shifts year after year.

How rate and term change the cost

The interest rate and the term are the two levers that matter most. A higher rate raises both the payment and the total interest; a longer term lowers the payment but makes you pay interest for more years.

Rate (200,000, 25 years)	Monthly payment	Total interest
2%	847.71	54,312.47
3%	948.42	84,527.18
4%	1,055.67	116,703.00
5%	1,169.18	150,754.02

100,000 at 5%: 15 years or 30 years?

Over 15 years the payment is 790.79 and the interest 42,343.24. Over 30 years the payment falls to 536.82, but the interest rises to 93,256.52.

Car loan of 10,000 at 6% over 12 months

Payment 860.66; total interest 327.96.

Zero-interest instalments: 12,000 over 24 months

With a 0% rate the payment is 12,000 ÷ 24 = 500.00 and the interest is 0.00. Check the fees, though: a 0% rate can still have a positive APR.

To compare loans with different terms, look at the total interest, not just at the payment. If you are working out when a payment falls due or how many months remain, the date calculator helps.

Nominal rate, APR and what this calculator leaves out

The calculator uses the nominal annual rate: the rate used to compute interest on the balance. Credit offers must also show the APR (annual percentage rate of charge), which includes the interest and the compulsory costs of the credit, such as arrangement fees, some insurance and account charges. The APR is therefore normally higher than the nominal rate, and it is the figure to use when comparing offers.

In the United Kingdom the APR is defined by the Consumer Credit Act rules and the FCA handbook; in the European Union by Directive 2008/48/EC for consumer credit and Directive 2014/17/EU for mortgages, which in Italy is called TAEG and in Romania DAE.

The real schedule of your bank may differ slightly: some lenders count interest by actual days, have a first broken period or round differently. Always check the official pre-contract information (in the EU, the ESIS sheet for mortgages).

Sources

Annuity formula and amortization schedule: standard financial mathematics; Bank of Italy, consumer guide "Il mutuo ipotecario in parole semplici" (examples of fixed-payment schedules).
Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property (mortgage credit), including the ESIS sheet and the APRC.
Directive 2008/48/EC on credit agreements for consumers, Annex I (calculation of the APR).
United Kingdom: Financial Conduct Authority, Consumer Credit sourcebook (CONC), APR calculation rules.

Checked on 14/10/2026. The examples on this page are computed with the same code as the calculator.

Frequently asked questions

How do I calculate the monthly payment on a loan?

Use the annuity formula P × i ÷ (1 − (1 + i)^−n), with P the amount, i the annual rate divided by 1,200 and n the number of months. The calculator does it for you and builds the full schedule.

What is the monthly payment on a 200,000 mortgage at 3% over 25 years?

With fixed payments it is 948.42 a month, with 84,527.18 of interest in total.

Why is the last payment slightly different?

Every line of the schedule is rounded to the cent. The small rounding differences add up, so the last payment is adjusted to bring the balance exactly to zero.

What is the difference between the interest rate and the APR?

The nominal rate is used to calculate interest; the APR also includes compulsory costs such as fees and some insurance. Compare offers using the APR.

Is it better to choose a shorter or a longer term?

A shorter term means higher payments but much less interest. A longer term lowers the payment but increases the total cost. Choose a payment you can sustain comfortably and compare the total interest.

Can I calculate a loan with 0% interest?

Yes. With a rate of 0 the payment is the amount divided by the number of months. Remember that fees can still make the APR positive.

Can I download the amortization schedule?

Yes. The Download schedule button saves a CSV file with every month: payment, principal, interest and remaining balance. It opens in Excel, LibreOffice and Google Sheets.

Last updated Wednesday, October 14, 2026

Amortization schedule by year