Our comprehensive amortization calculator creates detailed payment schedules for any loan type. See exactly how much of each payment goes toward principal vs interest, track your remaining balance, and discover how extra payments can save you thousands in interest and years off your loan term.
Goes directly to principal, saves interest
Annual breakdown of principal and interest over time
| Year | Principal | Interest | Ending Balance |
|---|---|---|---|
| Year 1 | $2,794 | $16,167 | $247,205 |
| Year 2 | $2,981 | $15,980 | $244,224 |
| Year 3 | $3,181 | $15,780 | $241,043 |
| Year 4 | $3,394 | $15,567 | $237,648 |
| Year 5 | $3,621 | $15,340 | $234,027 |
| Year 6 | $3,864 | $15,098 | $230,163 |
| Year 7 | $4,122 | $14,839 | $226,040 |
| Year 8 | $4,398 | $14,563 | $221,641 |
| Year 9 | $4,693 | $14,268 | $216,948 |
| Year 10 | $5,007 | $13,954 | $211,940 |
| Year 11 | $5,343 | $13,618 | $206,597 |
| Year 12 | $5,701 | $13,260 | $200,896 |
| Year 13 | $6,082 | $12,879 | $194,813 |
| Year 14 | $6,490 | $12,471 | $188,322 |
| Year 15 | $6,924 | $12,037 | $181,397 |
| Year 16 | $7,388 | $11,573 | $174,009 |
| Year 17 | $7,883 | $11,078 | $166,125 |
| Year 18 | $8,411 | $10,550 | $157,714 |
| Year 19 | $8,974 | $9,987 | $148,739 |
| Year 20 | $9,575 | $9,386 | $139,163 |
| Year 21 | $10,217 | $8,744 | $128,945 |
| Year 22 | $10,901 | $8,060 | $118,044 |
| Year 23 | $11,631 | $7,330 | $106,412 |
| Year 24 | $12,410 | $6,551 | $94,002 |
| Year 25 | $13,241 | $5,720 | $80,760 |
| Year 26 | $14,128 | $4,833 | $66,631 |
| Year 27 | $15,074 | $3,887 | $51,557 |
| Year 28 | $16,084 | $2,877 | $35,472 |
| Year 29 | $17,161 | $1,800 | $18,311 |
| Year 30 | $18,310 | $651.09 | $0.06 |
| Year 31 | $0.06 | $0.00 | $0.00 |
auto_awesome AI Tip: Paying extra $200/month could save thousands in interest
Input your loan amount, annual interest rate, and loan term in years.
Enter any additional monthly payment to see how much interest you can save.
See the complete amortization table with principal, interest, and balance for each payment.
Download the full amortization schedule as a CSV file for your records.
Amortization spreads loan payments over time so each payment covers interest charges plus a portion of principal. Early payments are mostly interest; later payments are mostly principal. This formula calculates the fixed monthly payment needed to fully repay the loan.
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Extra payments go directly to principal, reducing total interest significantly
Even small extra payments ($50-100/month) can save thousands over the loan term
Bi-weekly payments (26 half-payments/year) equal 13 monthly payments, paying off faster
The first years of a loan are interest-heavy — extra payments early have the biggest impact
Refinancing to a lower rate can reduce both payment and total interest
Use the amortization schedule to see exactly when you'll reach 20% equity (to remove PMI)
Compare 15-year vs 30-year loans — shorter terms have higher payments but much less total interest
Our free amortization calculator creates detailed payment schedules for any loan. See exactly how each payment is split between principal and interest, track your loan balance over time, and discover how extra payments can save you thousands in interest while paying off your loan years earlier.
Generate a complete mortgage payment schedule showing 30 years of monthly payments.
See how your $300,000 mortgage breaks down into principal and interest each month, and watch as more of your payment goes to principal over time.
Our mortgage amortization calculator helps you understand your home loan.
See the powerful impact of extra payments on your loan.
Our amortization calculator with extra payments shows exactly how much interest you'll save and how many years you'll cut off your loan term.
Even small extra payments can save tens of thousands of dollars.
Calculate your auto loan payment schedule with our car loan amortization calculator.
Whether you're financing for 3, 5, or 7 years, see exactly how your payments break down and how much total interest you'll pay over the life of your vehicle loan.
Understand exactly where your money goes with each loan payment.
Our amortization table shows the precise split between principal (building equity) and interest (cost of borrowing) for every single payment.
Use this knowledge to make smarter decisions about extra payments and refinancing.
According to Investopedia, amortization is the process of paying off a loan with equal periodic payments that cover both interest and principal. Each payment is calculated so the loan reaches exactly zero at the end of the term.
Early on, most of each payment goes to interest; over time, more goes to principal.
On a $20,000 loan at 7% over 60 months, the $396.02 payment starts with about $116.67 interest and $279.36 principal, then the principal share rises each month.
As the Consumer Financial Protection Bureau describes, an amortization schedule lists every payment, splitting each into interest and principal and showing the declining balance.
For the $20,000/7%/60-month example, payment one is $396.02: $116.67 interest (balance × monthly rate) and $279.36 principal. Payment two charges interest on the slightly lower balance, so a bit more goes to principal — and so on until the balance hits zero.
The schedule reveals exactly how much interest you pay over the life of the loan.
Because interest is charged on the outstanding balance, early payments — when the balance is highest — carry the most interest and the least principal.
This 'front-loading' of interest is why paying extra early in a loan saves disproportionately: every extra dollar of principal removes all the future interest that dollar would have generated.
It's also why refinancing or selling early in a mortgage means you've built little equity despite years of payments.
In an amortizing loan, each payment reduces the principal, so the balance falls to zero by the end.
In an interest-only loan, payments cover only interest for a period, leaving the principal unchanged until a later balloon payment or amortization phase. Interest-only loans have lower initial payments but build no equity and risk payment shock later.
The CFPB cautions that interest-only structures suit specific situations, not typical borrowers seeking to pay down debt.
Paying more than the scheduled amount, with the extra applied to principal, shortens the loan and cuts total interest — often dramatically on long loans.
Because it removes principal that would otherwise accrue interest for years, even small consistent overpayments compound into large savings and an earlier payoff.
Confirm your loan has no prepayment penalty and that extra payments are applied to principal, not future interest, to capture the benefit.
Per Federal Reserve consumer-credit data, most installment loans amortize:
All use the same formula, differing mainly in term and rate. Longer terms front-load interest more heavily and cost more overall.
Credit cards, by contrast, are revolving and don't amortize on a fixed schedule.
Understanding amortization helps you compare the true cost of any fixed-term loan and time extra payments for maximum effect.
Frequent mistakes include:
Others refinance late in a loan and restart the interest-heavy phase.
Review the schedule, target extra payments at principal early, watch the total-interest figure, and match the term to your goals rather than just the lowest payment.
Data sourced from trusted institutions
All formulas verified against official standards.