Financial Tools

Amortization Calculator

Personal loans designed with you in mind. Understand your payments and plan your financial future with confidence.

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Knowledge Base

Understanding Amortization

Understanding how your loan payments impact the balance of your loan means taking the time to understand the concept of amortization – how your total loan payment will be allocated between principal & interest over the life of the loan.

The amount of an installment loan payment typically remains fixed for the duration of the loan. What changes, however, is the amount of a given payment that goes to principal and interest. As the loan progresses, the amount of your payment that is allocated towards your principal balance should increase, which, in turn, reduces the total amount owed.

We’ve constructed an easy-to-use amortization calculator to help show you how your payments will be broken down between principal and interest over the lifespan of your loan. You’ll see how changes in principal and interest impact your loan over time.

Quick Tip

Making extra payments towards your principal can significantly reduce the total interest you pay over the life of the loan.

Calculate Your Payment

Enter your loan details below to estimate your monthly payments. Adjust the values to see how they affect your plan.
Loan Amount ($)
$
Annual Interest Rate (0% to 40%)
%
Term of loan (months) (1 to 36)
Start date

Estimated Payment Plan

Monthly Payment
$0.00
Total Interest
$0.00
Total Payback
$0.00

Ninja Tip

Paying just $20 extra per month could save you over $150 in interest over the life of this loan.

The interest rates, credit score ranges, and APR estimates shown above are illustrative only and do not represent guaranteed loan offers or actual lending terms. Actual rates and approval outcomes may vary based on factors such as credit history, income, loan type, lender criteria, and market conditions. Please consult directly with a lender for personalized rates and terms.

Amortization Schedule

See how each payment splits between principal and interest, and how your balance falls over the life of the loan. The schedule updates as you change the values above.

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Approved
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How To Use Our Amortization Calculator

Use the amortization calculator below to determine the periodic payment due on a loan and see how your payments impact your overall loan balance over time.

Since the amortization repayment model factors both interest and principal fluctuations throughout the life of the loan, the calculator will show the amount of each payment that will go towards interest and the amount that will go towards the principal.

Once you enter the terms of your loan, the calculator will provide an amortization schedule showing a fixed amount of each payment, and changes to both the interest and principal amounts of your loan.

1
Enter Details
Input your loan amount, rate, and term.
2
View Schedule
See how payments break down over time.
Benefits
Benefits
Benefits

General Info & Benefits

Everything you need to know about how amortization works and why it matters for your financial health.

Amortization Explained

If you’ve ever been in the market for a loan, you’ve heard the term "amortization." Think of it as a method to stabilize the amount of your loan payment through the life of the loan and fix regular payments on a predetermined schedule.
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Amortization Schedule

An amortization schedule allows you to determine how to best repay the loan, steadily and over time. It means working out a schedule where you pay off the same amount each payment as well as changes to principal and interest.
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Benefits of Amortization

Understanding your amortization schedule will help ensure that you have ample time and budget to repay your loan. By adhering to a fixed payment schedule every month, one planned out in advance, you’ll always know your balance.
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The "Negative"

When calculating payments, it is important to understand how the interest is accruing over time. If your regular payment does not cover the amount of interest accumulated, negative amortization may result.
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Using CreditNinja's Calculator

Using CreditNinja’s amortization calculator will provide insight into the elements making up your loan payments, so you have the information needed to consider how much you pay in interest. CreditNinja’s amortization calculator is easy to use and will help you to make an informed financial decision. Please also visit our Debt Repayment Calculator and Simple Loan Calculator for more helpful tools.

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