Amortization Schedule Calculator
Calculate your monthly payment and see how the very first payment splits into interest versus principal. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $1,199.10
- Total interest
- $231,676.38
- First-month interest
- 1000
- First-month principal
- 199.1
Calculate the monthly payment on a fixed-rate loan and see exactly how the first payment splits between interest and principal, along with total interest over the term. Useful for borrowers who want to understand why early payments barely touch the balance.
How this is calculated
The payment comes from the standard loan amortization formula, and the first month's interest is the loan balance times the monthly rate (annual rate divided by 12), with the remainder of the payment going to principal.
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in years.
- Read the monthly payment, total interest, and how the first payment splits into interest and principal.
Examples
- $200,000 at 6% / 30 yr:
payment $1,199.10 - First payment split:
$1,000 interest, $199.10 principal
FAQ
- What is an amortization schedule?
- A breakdown of every payment over the life of the loan, showing how much of each payment goes to interest versus principal and how the balance falls to zero.
- Why is so much of my first payment interest?
- Interest is charged on the outstanding balance, which is highest at the start. Early payments are mostly interest, and the principal portion grows each month as the balance drops.
- How is the first-month interest calculated?
- It is the loan amount times the monthly rate (annual rate ÷ 12 ÷ 100). The rest of the payment goes to principal.