When to use this calculator
Calculate a level monthly payment and a month-by-month principal-and-interest schedule. The schedule uses full-precision monthly payments and displays rounded amounts; lender payment rounding and fees may differ.
Explore the loan & repayment calculators for other questions in this topic. For a related calculation, use the Auto Loan Calculator: Estimate vehicle finance payments after a down payment, trade-in credit and financed fees.
PUTTING IT INTO PRACTICE
Amortization Schedule: a worked example
The values below are an illustrative example, not a recommendation. Replace them with measurements or assumptions that match your question.
| Input | Example value |
|---|---|
| Original principal | 1,200 |
| Nominal annual rate (%) | 0 |
| Monthly payments (integer) | 12 |
| Result | 100 per month |
- Check the input labels and enter the example values above.
- Apply the relationship: Monthly payment = Pm/(1−(1+m)^−n); interest = opening balance × m..
- The result is 100 per month, rounded for display.
How to interpret your result
The schedule uses full-precision monthly payments and displays rounded amounts; lender payment rounding and fees may differ.
Use a fixed-rate amortising model for loans repaid by equal monthly instalments. An interest-only payment leaves the principal outstanding. Fees and contractual APR calculations require more than the interest rate alone.
Frequently asked questions
Does a lower monthly payment mean a cheaper loan?
Not necessarily. Extending the term can lower payments while increasing total interest. Compare both monthly affordability and overall cost.
When is the amortization schedule calculator useful?
Calculate a level monthly payment and a month-by-month principal-and-interest schedule. The schedule uses full-precision monthly payments and displays rounded amounts; lender payment rounding and fees may differ.
How do I use the amortization schedule calculator?
Enter original principal, nominal annual rate (%), monthly payments (integer). The result updates automatically. Use the units shown beside each input; the example values illustrate the method.
Which formula does this calculator use?
Monthly payment = Pm/(1−(1+m)^−n); interest = opening balance × m..
What should I check before using the result?
The schedule uses full-precision monthly payments and displays rounded amounts; lender payment rounding and fees may differ.
How are results rounded?
Scalar numbers display up to six decimal places, with scientific notation for very large or small values. Text, fraction, date and schedule outputs use the format described on the tool. Intermediate calculations use JavaScript floating-point arithmetic. Keep sensible precision for your measurements.
Further reading
For background on this topic, see OpenStax: loan amortization ↗. This is a topic reference, not an external review or endorsement of this tool.
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