Amortization Calculator
Enter a loan amount, rate and term to see every payment: what goes to interest, what lowers the balance, and what you still owe. Add extra payments to see them shorten the schedule.
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Educational estimates only. Not financial, tax, or lending advice.
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What does an amortization calculator show?
It splits each payment on a loan into interest and principal and tracks the balance until it reaches zero. The example below is a $350,000 loan at 6.5% over 30 years. The payment is $2,212.24. In the first month $1,895.83 of it is interest and $316.41 is principal.
With $200 extra each month the loan ends in 23 years 10 months instead of 30 years, and the interest falls from $446,404 to $338,308.
Your amortization schedule
Monthly payment
$2,212.24
Principal and interest, before any extra.
Total interest
$338,308
Over 23 years 10 months, with your extra payments.
Paid off
Oct 01, 2049
6 years 2 months sooner than the Dec 01, 2055 end date.
Interest saved
$108,096
Against $446,404 with no extra payments.
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This is the loan on its own. For a monthly payment with property tax, insurance and HOA dues, use the mortgage calculator.
Balance over time
- With your extra payments
- No extra payments
Payment schedule
| Year | Payments | Starting balance | Payment | Principal | Interest | Extra | Ending balance | Interest so far |
|---|---|---|---|---|---|---|---|---|
| 2026 | 12 | $350,000 | $26,547 | $3,985 | $22,562 | $2,400 | $343,615 | $22,562 |
| 2027 | 12 | $343,615 | $26,547 | $4,412 | $22,134 | $2,400 | $336,803 | $44,696 |
| 2028 | 12 | $336,803 | $26,547 | $4,869 | $21,678 | $2,400 | $329,534 | $66,375 |
| 2029 | 12 | $329,534 | $26,547 | $5,356 | $21,191 | $2,400 | $321,778 | $87,566 |
| 2030 | 12 | $321,778 | $26,547 | $5,875 | $20,672 | $2,400 | $313,503 | $108,238 |
| 2031 | 12 | $313,503 | $26,547 | $6,429 | $20,118 | $2,400 | $304,674 | $128,356 |
| 2032 | 12 | $304,674 | $26,547 | $7,020 | $19,526 | $2,400 | $295,254 | $147,882 |
| 2033 | 12 | $295,254 | $26,547 | $7,651 | $18,896 | $2,400 | $285,203 | $166,778 |
| 2034 | 12 | $285,203 | $26,547 | $8,324 | $18,222 | $2,400 | $274,478 | $185,000 |
| 2035 | 12 | $274,478 | $26,547 | $9,043 | $17,504 | $2,400 | $263,035 | $202,504 |
| 2036 | 12 | $263,035 | $26,547 | $9,809 | $16,738 | $2,400 | $250,826 | $219,242 |
| 2037 | 12 | $250,826 | $26,547 | $10,627 | $15,920 | $2,400 | $237,800 | $235,162 |
| 2038 | 12 | $237,800 | $26,547 | $11,499 | $15,048 | $2,400 | $223,901 | $250,210 |
| 2039 | 12 | $223,901 | $26,547 | $12,430 | $14,117 | $2,400 | $209,071 | $264,327 |
| 2040 | 12 | $209,071 | $26,547 | $13,423 | $13,124 | $2,400 | $193,247 | $277,451 |
| 2041 | 12 | $193,247 | $26,547 | $14,483 | $12,064 | $2,400 | $176,365 | $289,515 |
| 2042 | 12 | $176,365 | $26,547 | $15,614 | $10,933 | $2,400 | $158,351 | $300,448 |
| 2043 | 12 | $158,351 | $26,547 | $16,820 | $9,727 | $2,400 | $139,131 | $310,175 |
| 2044 | 12 | $139,131 | $26,547 | $18,107 | $8,440 | $2,400 | $118,624 | $318,615 |
| 2045 | 12 | $118,624 | $26,547 | $19,481 | $7,066 | $2,400 | $96,743 | $325,681 |
| 2046 | 12 | $96,743 | $26,547 | $20,946 | $5,601 | $2,400 | $73,397 | $331,282 |
| 2047 | 12 | $73,397 | $26,547 | $22,509 | $4,037 | $2,400 | $48,488 | $335,319 |
| 2048 | 12 | $48,488 | $26,547 | $24,178 | $2,369 | $2,400 | $21,910 | $337,689 |
| 2049 | 10 | $21,910 | $20,730 | $20,110 | $620 | $1,800 | $0 | $338,308 |
The first and last years hold fewer than twelve payments unless the loan starts in January. The Extra column is principal paid on top of the scheduled payment.
How the schedule is calculated
One payment amount, recalculated against a shrinking balance.
The monthly payment comes from the standard formula for a fixed-rate loan. Each month the interest is the balance times the annual rate divided by twelve, rounded to the cent. The rest of the payment lowers the balance. Because the balance is largest at the start, interest takes the biggest share of early payments and principal takes the biggest share of late ones.
| Payment | Interest | Principal | Balance after |
|---|---|---|---|
| 1 | $1,895.83 | $316.41 | $349,683.59 |
| 120 | $1,610.47 | $601.77 | $296,716.04 |
| 360 | $11.91 | $2,197.98 | $0.00 |
The same $350,000 loan at 6.5% over 30 years. The payment is $2,212.24 every month.
Rate and balance are what you type. Nothing here is a live rate. The calculator reuses the same payment engine as the mortgage calculator, so the two agree to the cent.
How to read the schedule
Each row is one payment, left to right.
Start with the balance before the payment. Subtract the interest from the payment to get the principal, and subtract the principal and any extra from the balance to get the new balance. In the example with $200 extra a month, payment 1 pays $1,895.83 of interest, $316.41 of scheduled principal and $200.00 of extra, leaving $349,483.59. By payment 120 the balance is $263,035.47 and the interest in that payment is $1,430.10.
The yearly view groups the same payments by calendar year. A loan that starts mid-year has a short first year and a short last year, so the Payments column shows how many fall in each. Use the monthly view to find one date and the yearly view to see the trend. Either view downloads as a CSV for a spreadsheet, and the schedule prints in full.
What extra payments change
They go straight to principal, so every later month's interest is smaller.
The calculator builds the loan twice, once as written and once with your extra payments, and reports the difference. In the example the extras end the loan 6 years 2 months early, in month 286, and save $108,096 of interest. You can combine a monthly extra, a yearly extra in the month of your choice and a one-time payment on a date. For a plan built around the payoff date, use the mortgage payoff calculator.
Amortization calculator vs mortgage calculator
One shows the schedule. The other shows the full monthly payment.
This page covers principal and interest only. That is the part of a mortgage that amortizes, and it is also the whole payment on most car and personal loans. A mortgage payment usually adds property tax, homeowners insurance, HOA dues and sometimes mortgage insurance. The mortgage calculator adds those to the same schedule and shows the all-in payment.
Amortization questions
- What do the columns in this schedule mean?
- Starting balance is what you owe before the payment. Payment is the scheduled principal and interest. Principal is the part of it that lowers the balance, and interest is the part that goes to the lender. Extra is any additional principal you add on top. Ending balance is what is left, and interest so far is the running total of interest paid.
- Why does the first year in the yearly table show fewer than 12 payments?
- The yearly table groups payments by calendar year. A loan whose first payment is in March has ten payments in its first year and the rest in the last one. Totals across all years still add up to the monthly schedule.
- Do the extra payments go to principal?
- Yes. The calculator applies each extra amount to principal in the month it is paid, so the next month's interest is charged on a smaller balance. It compares the result with the same loan and no extras to work out the interest saved and the time saved.
- Does this schedule include property tax, insurance or PMI?
- No. It shows principal and interest only, which is the part that amortizes. For a monthly payment with tax, insurance, HOA dues and mortgage insurance, use the mortgage calculator.
- Why could my lender's schedule differ by a few cents?
- This calculator rounds each month's interest to the cent and folds any leftover cents into the final payment. Servicers differ in how they round and how they count days, so a statement can be off by small amounts. Your lender's figures are the ones that count.
- Can I use it for a car loan or a personal loan?
- Yes, for any loan with a fixed rate and equal monthly payments. Enter the amount, the rate and the term in years. Loans with balloon payments, variable rates or daily simple interest will not match.