Loan amortization schedule
Enter the amount, rate and number of monthly payments. The table follows bank rounding: cents, and an adjusted last payment.
Result
372.86Each month
- Last payment (adjusted)
- 372.90
- Month 1: interest part
- 75.00
- Month 1: principal part
- 297.86
- Interest cost
- 2,371.64
- Total repaid
- 22,371.64
Year by year
Detailed table
| Year | Principal repaid | Interest paid | Left to pay |
|---|---|---|---|
| 1 | 3,648.96 | 825.36 | 16,351.04 |
| 2 | 7,465.55 | 1,483.09 | 12,534.45 |
| 3 | 11,457.49 | 1,965.47 | 8,542.51 |
| 4 | 15,632.81 | 2,264.47 | 4,367.19 |
| 5 | 20,000.00 | 2,371.64 | 0.00 |
How it is calculated
- Payment = P × i ÷ (1 − (1 + i)^−n), rounded to the cent, where i = rate ÷ 12.
- Each month: interest = balance × i, rounded to the cent; the rest of the payment repays principal.
- The last payment pays exactly what is left, to end at 0.
Example
1,000 at 12% over 12 months: 88.85 a month; in month 1, 10.00 of interest and 78.85 of principal.
Good to know
- Fixed rate and constant payments.
- The table shows yearly totals; banks also list every month.
Frequently asked questions
What is this tool used for?
Enter the amount, rate and number of monthly payments. The table follows bank rounding: cents, and an adjusted last payment.
How is the result calculated?
Payment = P × i ÷ (1 − (1 + i)^−n), rounded to the cent, where i = rate ÷ 12.
What should I check before using the result?
Fixed rate and constant payments.