Amortization Schedule Calculator
Build a full loan amortization schedule with principal, interest and balance for every payment, including extra payments.
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Quick Tip
Enter the loan amount, interest rate and term in years.
About This Tool
Why use Amortization Schedule Calculator?
An amortization schedule shows how each loan payment is split between interest and principal, and how the balance falls over time. Early payments are mostly interest; later payments are mostly principal. This calculator builds the full monthly and yearly schedule for mortgages, auto loans and personal loans.
Example: a $300,000 loan at 6.5% over 30 years has a monthly payment of $1,896.20. The first payment includes $1,625.00 of interest and only $271.20 of principal, and principal does not exceed interest until payment 233. Total interest over the loan is $382,633.47. Adding $200 a month pays the loan off 83 months early and saves about $103,449 in interest.
Key Benefits
Every payment listed
See principal, interest and remaining balance for each month of the loan.
Extra payment savings
Instantly see how much interest and how many months an extra monthly payment saves.
Yearly summary
Use the yearly view to see total principal and interest paid in each year, useful for tax planning.
How to use Amortization Schedule Calculator
- 1
Enter the loan amount, interest rate and term in years.
- 2
Optionally add an extra amount you plan to pay toward principal every month.
- 3
Review the monthly payment, total interest and payoff time.
- 4
Switch between the yearly summary and the full monthly schedule to see the balance after every payment.
Best use cases
Understand why your mortgage balance falls slowly in the early years.
Decide whether to overpay your mortgage or invest the extra money.
Find your balance at a future date before refinancing or selling.
Compare a 15-year and 30-year loan side by side.
How this tool compares
Amortization Schedule Calculator FAQs
What is loan amortization?
Amortization is repaying a loan with fixed regular payments that cover interest plus part of the principal. Each month interest is charged on the remaining balance, so as the balance falls, more of each payment goes to principal.
How is the monthly payment calculated?
The payment is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of payments. Interest for a month is the balance multiplied by r.
Do extra payments really save that much?
Yes, because every extra dollar reduces the balance that interest is charged on for the rest of the loan. The earlier you make extra payments, the larger the saving. Confirm your lender applies extra payments to principal and does not charge a prepayment penalty.
Why is the first payment mostly interest?
Interest is calculated on the outstanding balance, which is highest at the start. On a $300,000 loan at 6.5%, the first month's interest is $300,000 × 0.065 ÷ 12 = $1,625.
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