Generate a full loan amortization schedule instantly. See month-by-month principal vs interest breakdown, extra payment savings, and your exact payoff date.
Monthly
Schedule
Yearly
Summary
CSV
Export
📋 Loan Details
$
%
$
Monthly Payment
$1,264
Principal & Interest
Loan Amount
$200,000
Original balance
Total Interest
$255,088
Over loan lifetime
Payoff Date
Jun 2055
360 payments
💰
You save $0 with extra payments!
Extra payments reduce your interest and shorten your loan.
🍩 Principal vs Total Interest
📊 Balance Over Time
📋 Amortization Schedule
How to Use the Amortization Calculator
An amortization schedule shows you exactly how each loan payment is split between principal and interest — month by month. Our amortization calculator generates the full schedule instantly. Enter your loan amount, interest rate, and term to see your monthly payment, total interest, and payoff date. Add an extra monthly payment to see how much you can save. For home loans, also try our mortgage calculator which includes taxes, insurance, and PMI.
📐 Amortization Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual ÷ 12)
n = Total number of payments (years × 12)
Example: $200,000 at 6.5% for 30 years → M = $1,264/month
💡 How Interest Front-Loading Works
In the early months, most of your payment goes to interest. As the balance decreases, more goes to principal.
Month 1 on $200K loan: ~$1,083 interest, ~$181 principal
Month 180 (year 15): ~$700 interest, ~$564 principal
Month 360 (final): ~$7 interest, ~$1,257 principal
This is why paying extra early saves the most money.
🚀 Power of Extra Payments
Extra $100/month on $200K at 6.5% = saves ~$26,000 in interest
Extra $200/month = saves ~$46,000 and pays off 5 years early
Extra $500/month = saves ~$87,000 and pays off 11 years early
Use the "Extra Payment" field above to see your personalized savings instantly.
🔄 Amortization vs Simple Interest
Amortized loan: Fixed payment each month. Interest calculated on remaining balance — decreases over time.
Simple interest loan: Interest calculated only on original principal. Less common for mortgages.
An amortization schedule is a complete table showing every payment of a loan — how much goes to interest, how much to principal, and the remaining balance after each payment. It reveals how your debt decreases over time and how much total interest you'll pay. Our amortization calculator generates both monthly and yearly views.
Interest is calculated on the outstanding loan balance. When the balance is high (early in the loan), more interest accrues. As you pay down the principal, the balance decreases, so less interest accrues each month — freeing more of your payment to reduce principal. This is why extra payments made early in a loan's life save far more in interest than those made later.
Extra payments go directly to reducing your principal balance. A lower balance means less interest accrues each month, which snowballs — each extra payment makes future payments more effective. On a 30-year $200,000 mortgage at 6.5%, just $100 extra per month can save over $26,000 in interest and shorten the loan by several years. Use the extra payment field in our calculator to see your exact savings.
Both spread costs over time, but they apply to different asset types. Amortization applies to intangible assets like patents, copyrights, and goodwill — things you can't physically touch. Depreciation applies to tangible (physical) assets like buildings, machinery, and vehicles. In personal finance, "amortization" most commonly refers to loan repayment schedules.
A 15-year mortgage has higher monthly payments but dramatically less total interest — often 40–50% less than a 30-year. A 30-year gives lower monthly payments and more cash flow flexibility. Use our amortization calculator to compare: enter your loan with 15 years vs 30 years and compare the total interest column. For a complete mortgage payment including taxes and insurance, try our mortgage calculator.
