How to use this calculator
- Enter the loan amount, rate and term.
- Choose the first payment month and year.
- Review the full schedule below.
- Click Print (or use your browser's print / Save as PDF). Inputs and ads are hidden when printing.
Worked example
A $150,000.00 loan at 7% for 15 years has $1,348.24 payments, 180 in total, with $92,683.63 of interest. In the first month, interest is $875.00 and the rest of the payment reduces principal.
These are the default inputs above, so you can follow along.
The formula
Payment M = P × r / (1 − (1 + r)−n). Each month: interest = balance × r, principal = M − interest, and the new balance = balance − principal. The principal column adds up to the original loan amount, and the final balance is $0.
Frequently asked questions
Why does the interest portion shrink each month?
Interest is charged on the remaining balance. As principal is paid down, each month's interest is smaller and more of the payment goes to principal.
Can I attach this to a promissory note?
Many people attach a schedule as an exhibit. The note itself, not the schedule, controls the legal terms.
Why is the last payment slightly different?
Because of rounding to cents, the final payment can differ by a few cents. This schedule computes exact values and adjusts the last payment to clear the balance.
How do I save the schedule as a PDF?
Click Print and choose "Save as PDF" as the printer.
Does this include taxes or insurance?
No. It shows principal and interest only.