Amortization Calculator
Monthly payment = P × r(1+r)^n ÷ ((1+r)^n − 1)r=0.05/12=0.004167, n=60, payment = 20000×0.004167×1.283÷0.283 ≈ $377.42
Free online tool
Amortization Calculator
Enter your loan details to see monthly payment, total interest and full amortization.
Instant calculation
Amortization Calculator
Enter your loan details to see monthly payment, total interest and full amortization.
Your result
Calculation
Your numbers stay in this browser. Nothing is uploaded or saved.
Three clear steps
How to use this calculator
- 01
Enter loan amount
Type the total amount you plan to borrow.
- 02
Enter rate and term
Provide the annual interest rate and loan term in months.
- 03
See payment breakdown
Calculate to see monthly payment, total interest and payoff date.
The formula
How this calculation works
Uses the standard amortization formula. P = loan amount, r = monthly interest rate, n = total payments.
Check the method
Worked examples
Each example follows the same formula used by the calculator.
What is the monthly payment on a $20,000 loan at 5% for 5 years?
r=0.05/12=0.004167, n=60, payment = 20000×0.004167×1.283÷0.283 ≈ $377.42≈ $377.42/monthCommon questions
Questions about this calculation
What is the Amortization Calculator?
The Amortization Calculator helps you calculate loan amortization schedule with monthly payment breakdown. Enter your values and select Calculate to get an instant result.
How is the result calculated?
Uses the standard amortization formula. P = loan amount, r = monthly interest rate, n = total payments.
Can you show an example?
Example: What is the monthly payment on a $20,000 loan at 5% for 5 years? — ≈ $377.42/month.
Is my data saved when I use the Amortization Calculator?
No. All calculations run locally in your browser. Your inputs and results are never uploaded, stored or shared with anyone.
Is the Amortization Calculator free to use?
Yes. The Amortization Calculator is completely free. No account, sign-up or payment is required. It works on mobile, tablet and desktop.
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