Amortization Schedule Calculator
See every loan payment split into principal and interest, the payoff date, and how much an extra monthly payment saves in months and interest.
What an amortization schedule shows: every payment on a fixed-rate loan, split into interest and principal. Each month, interest = remaining balance × annual rate ÷ 12, and the rest of the fixed payment reduces the balance.
Example: a $300,000 loan at 6% for 30 years has a $1,798.65 monthly payment. In month one, $1,500.00 is interest and $298.65 is principal. Compare loan types with the loan calculator or mortgage calculator.
Worked example: $300,000 over 30 years at 6%
Example rate: 6.00% fixed, 360 monthly payments. The scheduled payment is $1,798.65. Figures below come from this page's own schedule maths (interest = balance × 6% ÷ 12, rounded to the cent).
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,798.65 | $298.65 | $1,500.00 | $299,701.35 |
| 2 | $1,798.65 | $300.14 | $1,498.51 | $299,401.21 |
| 3 | $1,798.65 | $301.64 | $1,497.01 | $299,099.57 |
| Year 1 total | $21,583.80 | $3,684.00 | $17,899.80 | $296,316.00 |
| 360 (final) | $1,800.09 | $1,791.13 | $8.96 | $0.00 |
Total interest: $347,515.44. Total paid: $647,515.44. In year one, 83% of what you pay is interest. Change the inputs above to see your own full schedule, then print it, copy it or download it as CSV.
Worked example: $300,000 at 6.5% for 30 years with $200 extra a month
These figures come from this calculator (interest = balance × 6.5% ÷ 12, rounded to the cent). Enter 300000, 6.5, 30 and 200 above to reproduce them.
| No extra | $200 extra a month | |
|---|---|---|
| Monthly payment | $1,896.20 | $2,096.20 |
| Number of payments | 360 (30 years) | 277 (23 years 1 month) |
| Total interest | $382,636.71 | $279,186.52 |
| Year 1 interest / principal | $19,401.28 / $3,353.12 | $19,328.47 / $5,825.93 |
| Balance after year 1 | $296,646.88 | $294,174.07 |
Result: the extra $200 a month cuts 83 months (6 years 11 months) and saves $103,450.19 of interest. This assumes the lender applies extra payments to principal with no prepayment fee. Below the monthly schedule you will find a year-by-year summary, and you can download the schedule as CSV or print it.
Build your scenario
Use your actual figures where available. The output is an educational estimate based on the assumptions below.
Displayed amounts are rounded to two decimal places. Keep the same currency and time period across related inputs.
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How this amortization schedule calculator works
An amortization schedule lists every payment on a fixed-rate loan and splits it into interest and principal. Each month, interest is charged on the balance still owed, and the rest of the payment reduces that balance. Because the balance is largest at the start, early payments are mostly interest. Later payments are mostly principal. This calculator builds the full month-by-month table and also shows what an extra monthly payment does to the payoff date and the total interest.
When to use this calculator
- See exactly how much of each mortgage, car or personal loan payment goes to interest.
- Check how much you would still owe after 5 or 10 years, for example if you might sell or refinance.
- Test whether a regular extra payment is worth it, and how many months it removes.
- Download the schedule as a CSV file to use in a spreadsheet.
How to use this calculator
- Enter the loan amount you will borrow, including any fees that are added to the loan.
- Enter the annual interest rate as a nominal rate (for example 6 for 6%) and the term in years.
- Optionally add an extra monthly payment. It goes straight to principal every month.
- Optionally pick the first payment month to see a calendar payoff date.
- Read the payment and totals, then switch the schedule between Month by month and Yearly summary, or download it as a CSV file.
Amortization formula
Interest this month = balance × r · Principal this month = M + extra − interest
where P = loan amount, r = annual rate ÷ 12 ÷ 100, n = years × 12
Interest is rounded to the cent each month, as lenders do. That is why the final payment is usually a few cents to a few dollars different from the others. At a 0% rate the payment is simply P ÷ n.
Worked example: $300,000 loan at 6% for 30 years
A $300,000 loan at 6% for 30 years has a scheduled payment of $1,798.65 a month. In the first month, $300,000 × 6% ÷ 12 = $1,500.00 is interest and only $298.65 reduces the balance. In the whole first year you pay $21,583.80, of which $17,899.80 is interest and $3,684.00 is principal, leaving $296,316.00 owed. Principal does not make up the larger share of a payment until payment 223, more than 18 years in. Over all 360 payments, total interest is $347,515.44.
Now add $200 a month of extra principal. The loan is paid off in 279 payments instead of 360, which is 81 months (6 years and 9 months) sooner, and total interest falls to $256,341.57. That is $91,173.87 of interest saved for $200 a month.
Reading the results
The headline is the scheduled monthly payment without any extra. Total interest and Total paid include the effect of your extra payment if you entered one. Payoff date is the month of the final payment, counted from the first payment month. Time saved and Interest saved compare the schedule with and without the extra payment. In the table, Interest to date is a running total, which is handy when comparing how much interest you have paid by a given year.
Common mistakes
- Entering an APR that includes fees as the interest rate. The APR is useful for comparing offers, but the payment is based on the note rate.
- Assuming extra payments always go to principal. Some lenders hold them as prepaid future instalments unless you ask, and some loans charge prepayment fees.
- Comparing a mortgage schedule with a housing budget. Property tax, insurance and association fees sit on top of the loan payment.
- Forgetting that a variable-rate loan will not follow this schedule once the rate changes.
Extra payments versus a shorter term
A regular extra payment and a shorter loan term both cut interest. A shorter term usually comes with a lower rate and forces the higher payment every month. An extra payment on a longer term keeps a lower required payment, so you can stop paying extra in a tight month, but at the longer term's rate. Run both in this calculator with the rates you are actually offered. The 15-year vs 30-year mortgage guide compares the two terms on a $300,000 loan.
Sources
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- Car loan calculator — payment and total interest on vehicle financing.
- Debt payoff calculator — how long a balance takes to clear at a set payment.
Related education
- How to Read an Amortization Schedule — new guide with worked examples.
- How loan interest works — why early payments are mostly interest.
- How mortgage payments are calculated — the payment formula step by step.
- Why loan term changes total interest — the cost of stretching repayments.
- APR vs interest rate — which rate to enter and why.
Yearly amortization table: $300,000 at 6% over 30 years
The monthly payment stays at $1,798.65, but the split changes every month. Principal only overtakes interest in payment 223, about 18.5 years in.
| Year | Interest paid that year | Principal paid that year | Balance at year end |
|---|---|---|---|
| 1 | $17,899.78 | $3,684.04 | $296,315.96 |
| 5 | $16,903.29 | $4,680.53 | $279,163.07 |
| 10 | $15,270.49 | $6,313.33 | $251,057.17 |
| 15 | $13,068.08 | $8,515.74 | $213,146.53 |
| 20 | $10,097.37 | $11,486.45 | $162,010.76 |
| 25 | $6,090.32 | $15,493.50 | $93,036.26 |
| 30 | $685.41 | $20,898.41 | $0.00 |
Figures are rounded to the cent and exclude taxes, insurance and fees. Enter your own loan above for the full month-by-month schedule. To see how a lower rate or a shorter term changes this table, compare with the 15-year vs 30-year mortgage guide.
Frequently asked questions
How does an amortization schedule work?
Each row is one payment. Interest is the remaining balance × annual rate ÷ 12, the rest of the fixed payment reduces principal, and the new balance carries to the next row. The yearly summary adds up 12 rows at a time, so you can see principal, interest and balance for each year.
Why are early loan payments mostly interest?
Because interest is charged on the balance still owed, which is largest at the start. On $300,000 at 6.5%, month one interest is $1,625.00 of the $1,896.20 payment, so only $271.20 reduces principal. As the balance falls, the interest part shrinks and the principal part grows.
Should I pay extra on my loan or invest the money?
It depends on your situation. Paying extra earns a certain return equal to the loan rate (6.5% in the example above) by cutting interest. Investing may earn more or less, with risk, taxes and fees. Many people first keep an emergency fund and clear higher-rate debt. This is educational information, not financial advice.
What is an amortization schedule?
A table of every loan payment showing how much goes to interest, how much reduces principal and the balance left afterwards. On a fixed-rate loan the payment stays the same while the interest share shrinks each month.
How do extra payments change the schedule?
Extra principal lowers the balance sooner, so every later month is charged less interest. The loan ends earlier and total interest falls. For example, $200 extra a month on a $300,000, 6%, 30-year loan saves 81 months and $91,173.87 of interest.
Why is the last payment different?
Interest is rounded to the cent each month, so a small difference builds up. The final payment is adjusted so the balance ends at exactly $0.00.
Does the schedule include property tax or insurance?
No. It amortizes the loan only. Use the mortgage calculator to add monthly tax and insurance to the payment.
How is the interest in each amortization payment calculated?
Multiply the remaining balance by the annual rate and divide by 12. On $300,000 at 6%, the first month’s interest is $300,000 × 6% ÷ 12 = $1,500.
Why does most of an early loan payment go to interest?
Interest is charged on the remaining balance, which is highest at the start. As the balance falls, less of each fixed payment goes to interest and more goes to principal.
Worked example: what is the first payment split on a $200,000 loan at 6% over 30 years?
The payment is $1,199.10. In month one, $1,000.00 is interest (200,000 × 0.5%) and $199.10 goes to principal. Total interest over 30 years is $231,676.38.
When does more of my payment go to principal than interest?
On a fixed-rate loan, when the interest part (balance × monthly rate) falls below half the payment. For $300,000 at 6% over 30 years that happens in payment 223. Extra payments bring the point forward.
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