Generate a full amortization schedule — principal, interest and balance for every payment — with charts and the interest saved by extra payments.
Optional — extra principal each month to pay off sooner.
Estimates for a fixed-rate loan with equal monthly payments. Your actual schedule may differ with a variable rate, fees, escrow, or a different payment frequency, and extra payments assume they are applied to principal.
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Understand exactly where your money goes with each loan payment. This amortization calculator generates a complete payment schedule — how much of each payment goes to principal vs. interest, the balance remaining after every payment, and the total interest over the life of the loan. Add an extra monthly payment to see how much sooner you'd be debt-free and how much interest you'd save.
Amortization is the process of paying off a loan through equal periodic payments that cover both interest and principal. Because interest is charged on the outstanding balance, early payments are mostly interest and later payments are mostly principal — on a 30-year mortgage the crossover typically comes well past the halfway point in years. An amortization schedule lays out that path payment by payment, from your starting balance down to zero.
Monthly Payment Formula
See how a 30-year vs 15-year mortgage changes the monthly payment and the total interest you pay.
Find how much a specific extra monthly amount shortens your loan and cuts total interest.
Compare auto, student or personal loans by their real total cost, not just the monthly payment.
See exactly how each payment splits between interest and principal — and why the early years are mostly interest.
Follow the remaining balance after every payment and see when you finally cross the halfway point.
Add an extra monthly amount and instantly see how many years and how much total interest you save.
Put a 15-year against a 30-year, or different rates, to see the true lifetime cost of each option.
See total interest and total of payments up front, so there are no surprises over the life of the loan.
An amortization schedule is a table listing every loan payment, showing how much of each goes to interest and to principal, plus the remaining balance after that payment. It maps the full path from your starting balance down to a zero balance at the end of the term.
It uses the amortization formula M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. The result is a fixed payment that pays the loan down to zero over the term.
Interest is charged on the outstanding balance, which is largest at the start, so early payments are mostly interest. As the balance falls, less interest accrues and more of each fixed payment goes to principal.
Extra payments go straight to principal, shrinking the balance faster so less interest accrues on every future payment. Even a small extra amount early in a long loan can save thousands in interest and cut months or years off the term.
The yearly schedule summarizes principal, interest and ending balance for each year — good for the big picture. The full monthly schedule lists every single payment. Both come from the same underlying calculation.
Yes. It applies to any fixed-rate, fully-amortizing loan — mortgages, auto loans, student loans and personal loans — as long as the payments are equal and monthly.