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Free Amortization Calculator to Amortize Mortgages and Loans.

Our free amortization calculator can help you amortize your mortgage and loan payments as well as print out the amortization schedule. Use this to determine monthly payments and compare interest rates or term lengths for loans and mortgages.

Approximately 60% of current homeowners hold a mortgage, and according to CNW Marketing Research, 70.5% of people finance their vehicles. In addition, about 30 million Americans have student loans that they are working at repaying.

The fact is that most people, over the course of their lifetime, will borrow money for a major purchase, and understanding how loan terms can impact your budget will help prepare you to make smart financial decisions.

Amortization is the repayment schedule you will follow to decrease, and eventually eliminate, a particular debt or loan, including both principal and accrued interest. An amortization calculator will show you what monthly payment you will have to make to repay a debt, such as a mortgage or car loan, within a specific time period.

This can be a valuable tool because it will help you determine if your budget can afford the additional payment as well as allowing you to compare the various interest rates and term lengths that are available to you.

Shortening the amortization period can save you a lot of money in the long run but will increase your monthly payment.

However, a lower monthly amount, although it may make your budget more manageable, could cost you thousands in extra interest. Also, even a 0.5% difference in rates can have a significant impact on the final figures, so it is worth the time it takes to shop around and compare your options.

How To Use Our Free Amortization Calculator:

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Basically, this amortization calculator takes the principal amount of the loan, the borrowing interest rate, and the length of the term in years, and uses these numbers to calculate your monthly payment amount.

Enter these figures, along with the loan start date, and click “compute”. Your monthly payment will be displayed at the bottom of the chart. To change interest rates or term lengths, click “reset”, enter your new figures, and re-compute.

The “create amortization schedule” button will open a new window to display a detailed schedule outlining your payment number (1,2,3…), payment date, principal amount, interest amount, total monthly payment, and balance still owing.

Also, the calculator will automatically total each column for every fiscal year so you know how much interest you have paid if you need this figure for tax purposes. Following this schedule will help you track payments so you can always see the remaining balance on your loan and know where you stand financially.

Note: Using our free loan amortization calculator requires your browser to be javascript enabled. This is usually preset for you so you should have no problems. However, if you have set javascript to be off, please change your browser settings (under Preferences or Options) to allow javascript.

At the bottom of the free amortization calculator display is a button to create the amortized schedule in a new window. You will need to use your browser’s “File” access (upper left of browser window) to print the amortized loan payments.

Free Amortization Calculator

This calculator will compute a loan’s monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate. Then, once you have computed the monthly payment, click on the “Create Amortization Schedule” button to create a report you can print out.


How much are you looking to borrow?

What is the loan’s annual interest rate?

What is the term of the loan in months?

Loan Start Date:


Upfront payment amount (optional)

Loan fees (optional) Add to loan?

Balloon payment at end (optional)


This is the amount of your monthly payment:

Learn More About:

  • Using Debt Income Ratios In Debt Management
  • The Financial Community’s Recommended Budgeting Guidelines

If you need help or want to tell us what you think of this amortizing loan calculator, tell us here.

Top of free amortization calculator to amortize mortgages and loans or return to Free Budget Calculators.

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