Loan amortisation calculator: full repayment schedule

Loan amortisation calculator

Amount borrowed

The sum you borrow, before any fees.

Annual rate

The rate in your offer, for example 4.25.

Type of rate

Nominal: the rate the lender charges, shared over the payments (÷ 12 a month). APR: only for a loan with no fees.

NominalAPR

Term (years)

and months

How often you pay

Repayment method

Level payments (repayment loan)Equal capital repayments: falling paymentsInterest-only: capital repaid at the end

Date of the first payment

Optional: dates each payment and groups the yearly totals by tax year (6 April to 5 April).

Payment

—

Enter the amount, the rate and the term to see the result.

Payment with insurance: —
Last payment: —
Number of payments: —
Last payment on: —
Total interest: —
Total insurance: —
Total repaid: —
Rate for each payment: —
Effective annual rate (APR before fees): —
Usury ceiling (France): —

Payment by payment

Enter the amount, the rate and the term to see every payment.

Totals by year

The yearly totals appear with the schedule.

Recent calculations

Nothing yet: copy, export or save a calculation to find it here.

How it works

Enter the amount borrowed, the interest rate and the term. You get the regular payment, the total interest and the full amortisation schedule, payment by payment, with totals for each year. Choose level payments (a repayment loan), equal capital repayments or interest-only, paid monthly, quarterly, every six months or yearly.

Enter the loan

Type the amount borrowed, the annual rate and the term in years and months. Mortgage offers quote a nominal annual rate, which is divided by 12 for each monthly payment. If you only have an APR, as with most personal loans, choose ‘APR’: the calculator turns it into a monthly rate by compounding, which is exact for a loan with no fees.

Choose how the loan is repaid

With level payments, every payment is the same: early payments are mostly interest, later ones mostly capital. With equal capital repayments, you repay the same amount of capital each time, so payments start higher and fall. With interest-only, you pay the interest each time and the whole capital at the end.

Read and export the schedule

Each row shows the payment, the interest in it, the capital repaid and the balance still owed. Add the date of the first payment to date each row and to group the yearly totals by tax year, from 6 April to 5 April, which is the same across the UK. Export the schedule as a CSV file to open it in a spreadsheet.

Rate per payment: r = annual rate ÷ 12 for monthly payments (from an APR: r = (1 + APR)^(1/12) − 1).

Level payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed and n the number of payments.

Each period: interest = balance owed × r, and capital repaid = payment − interest.

Amounts are rounded to the nearest penny, with halves rounded up; the last payment clears the balance, so it absorbs the rounding.

Example: £130,000 over 25 years

This is the Bank of England’s own example. At 2.5% the monthly rate is 2.5% ÷ 12, about 0.208333%, and the monthly payment is £583.20, which the Bank rounds to £583. In the first month, interest is £130,000.00 × 0.208333% = £270.83 and £312.37 of capital is repaid. Over the 25 years you pay £44,960.78 of interest. At 3.5% the payment rises to £650.81 (the Bank’s £651) and the interest to £65,243.22.

Frequently asked questions

What is an amortisation schedule?

It is the timetable of a loan: for each payment, how much is interest, how much repays the capital, and what is still owed afterwards. For a regulated fixed-sum loan of £60,260 or less that is not secured on property, you can ask your lender for a statement like this free of charge (Consumer Credit Act 1974, section 77B).

Why are early payments mostly interest?

Interest is charged on the balance still owed. At the start the balance is at its highest, so the interest is too; with level payments, the capital share grows as the debt falls. In the £130,000 example at 2.5%, the first payment holds £270.83 of interest and the last one £1.21.

Should I enter the interest rate or the APR?

Enter the rate the lender charges if you know it: mortgage offers show it as the initial or nominal rate. An APR also counts fees, so using it as the interest rate overstates the payments: £10,000 over 5 years at 6.9% gives £197.54 a month as a nominal rate and £196.56 as an APR with no fees.

Why is the last payment different?

Each payment and each period’s interest are rounded to the penny. Over the whole term these differences add up, so the last payment repays exactly what is left and can differ by a few pence, or by several pounds on a long loan. At a high rate over a very long term the difference would be more than a whole payment, and the calculator then does not draw up the schedule. Your lender may round differently: its statement is the one that counts.

Which interest figure do I need as a landlord?

For a residential let, HMRC’s notes for the UK property pages (SA105) ask for the interest on the loan, and the costs of getting it, in box 44, for the tax year. Add the date of the first payment: the yearly totals then follow the tax year from 6 April, so you can read each year’s interest.

Loan amortisation calculator