Principal | Interest Rate | Length | Amortization Schedule | Change Parameters |
---|---|---|---|---|

$1,000,000 | 3.34% | 15 years | View • Print | Change Parameters |

Number of Payments | Monthly Payment | Total Principal Paid | Total Interest Paid | Total Paid |
---|---|---|---|---|

180 | $7,070.51 | $1,000,000.00 | $272,692.09 | $1,272,692.09 |

Payments | Yearly Total | Principal Paid | Interest Paid | Balance |
---|---|---|---|---|

Year 1 (1-12) | $84,846.14 | $52,241.05 | $32,605.09 | $947,758.95 |

Year 2 (13-24) | $84,846.14 | $54,012.86 | $30,833.28 | $893,746.09 |

Year 3 (25-36) | $84,846.14 | $55,844.76 | $29,001.38 | $837,901.33 |

Year 4 (37-48) | $84,846.14 | $57,738.80 | $27,107.34 | $780,162.54 |

Year 5 (49-60) | $84,846.14 | $59,697.07 | $25,149.07 | $720,465.47 |

Year 6 (61-72) | $84,846.14 | $61,721.76 | $23,124.38 | $658,743.70 |

Year 7 (73-84) | $84,846.14 | $63,815.12 | $21,031.02 | $594,928.58 |

Year 8 (85-96) | $84,846.14 | $65,979.48 | $18,866.66 | $528,949.11 |

Year 9 (97-108) | $84,846.14 | $68,217.24 | $16,628.90 | $460,731.86 |

Year 10 (109-120) | $84,846.14 | $70,530.90 | $14,315.24 | $390,200.96 |

Year 11 (121-132) | $84,846.14 | $72,923.04 | $11,923.10 | $317,277.92 |

Year 12 (133-144) | $84,846.14 | $75,396.30 | $9,449.84 | $241,881.63 |

Year 13 (145-156) | $84,846.14 | $77,953.44 | $6,892.70 | $163,928.18 |

Year 14 (157-168) | $84,846.14 | $80,597.32 | $4,248.82 | $83,330.86 |

Year 15 (169-180) | $84,846.14 | $83,330.86 | $1,515.28 | $0.00 |

$1,272,692.09 | $1,000,000.00 | $272,692.09 |

Enter your loan information to create an amortization schedule showing payments of principal and interest.

Here are some helpful tips to understand how this calculator works.

- This calculator determines the monthly payment of a loan or mortgage based on an interest rate and length. It also calculates the total interest and total amount paid over the entire term of the loan.
- Subtract your down payment from the purchase price to obtain the principal amount for the loan.
- It assumes a fixed interest rate throughout the entire loan. It does not handle variable, adjustable (ARM) or ballon rates.
- An amortization schedule is also generated showing how the balance or principal is paid off by the end of the term. A portion of each monthly payment goes toward interest with the rest being used to reduce the remaining balance.
- This type of calculation can be used for any type of asset, including home mortgages, car loans, credit cards, student loans and many more.