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Amortization Schedule Calculator
See exactly where every payment goes. Get your monthly payment, a year-by-year principal vs. interest breakdown, your payoff date, and how much extra payments can save you.
Generate Your Amortization Schedule
Monthly payment (P&I)
Payoff date
Total interest paid
Total of all payments
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Principal & interest only — taxes, insurance, and PMI are not included. Schedule assumes fixed rate and on-time payments.
How Amortization Works
With a fixed-rate amortizing loan, your monthly payment stays the same — but the split between principal and interest changes every month. Early on, most of each payment goes to interest; near the end, almost all of it goes to principal.
- Enter your loan details — amount, annual interest rate, and term in years.
- Optionally add an extra monthly payment — even $100–$200 extra can shave years off a mortgage.
- Hit Generate Schedule — see the year-by-year breakdown plus your payoff date and total interest.
- Compare scenarios — try a 15-year term vs. 30-year, or test extra payments, to see the interest difference.
Worked Example
A $350,000 mortgage at 6.5% for 30 years:
| Detail | Amount |
|---|---|
| Monthly payment (P&I) | $2,212.24 |
| First month: principal / interest | $316.40 / $1,895.83 |
| Total interest over 30 years | $446,406 |
| Total paid | $796,406 |
Add just $200/month extra and the picture changes dramatically: payoff in 286 months (23 years 10 months) instead of 360, saving roughly $108,097 in interest.
Why Extra Payments Are So Powerful
- Every extra dollar goes straight to principal — which shrinks the balance that future interest is charged on.
- Early extra payments matter most — because the balance is largest at the start, compounding works in your favor.
- Biweekly payments = 1 extra payment/year — paying half the monthly amount every two weeks equals 26 half-payments, sneaking in a 13th monthly payment annually.
- Check for prepayment penalties — most modern US mortgages have none, but confirm with your lender.
Frequently Asked Questions
Amortization is the process of paying off a loan through regular, scheduled payments. Each payment covers that month's interest first, with the remainder reducing the principal balance.
Interest is charged on the outstanding balance, which is largest at the start. As the balance shrinks, the interest portion falls and the principal portion grows — same payment, shifting split.
A 15-year loan at the same rate typically saves 50–60% in total interest versus a 30-year loan, but the monthly payment is much higher. Run both scenarios above to compare.
Yes. On the $350,000 example above, $200/month extra saves over $108,000 in interest and cuts more than 6 years off the loan — because each extra dollar avoids years of compounding interest.
The month your balance reaches zero if you make all scheduled payments on time. Extra payments move it earlier — the calculator shows your exact date.
It is a close estimate for standard fixed-rate loans. Your lender's figures may differ slightly due to day-count methods, escrow, or fees.
Disclaimer: This calculator provides estimates for educational purposes only and is not financial advice. Actual loan terms depend on your lender. Consult a licensed professional before making borrowing decisions.