Amortization Calculator

This free **amortization calculator** helps you calculate monthly payments and generate a **loan amortization schedule**. See how much goes towards principal and interest every month.

Loan Amount ($) Annual Interest Rate (%) Loan Term (years)

How Amortization Calculator Works

The formula for loan repayment is:

EMI = P × r × (1+r)^n / ((1+r)^n − 1)

• P = Loan Amount
• r = Monthly Interest Rate
• n = Number of Payments (months)

Example:

Loan = $20,000 | Interest = 8% | Term = 5 years

• Monthly Payment ≈ $405
• Total Payment ≈ $24,300
• Total Interest ≈ $4,300

Note: This **loan repayment calculator** provides an estimated amortization schedule. Actual values may vary with lender fees or taxes.