Finance
Amortization Schedule
See every payment of your loan broken down. Add extra payments to find out how much interest you save and how many years you cut.
Guide
How to use the Amortization Schedule
The Amortization Schedule helps you make a quick estimate, compare scenarios, and understand the numbers behind the result. It is designed for fast planning, with enough context to make the answer useful instead of just a number.
- Enter the amounts, rates, and time period that match the scenario you want to model.
- Review the main result first, then scan the supporting totals to understand what drives it.
- Change one input at a time to compare payments, interest, growth, savings, or break-even points.
Method
How this calculator works
It breaks each payment into principal and interest and tracks the remaining balance over the loan schedule.
This calculator is useful for seeing how a loan balance falls over time and how extra payments change payoff timing.
Because assumptions matter, try a few values that represent optimistic, typical, and conservative cases.
Financial results are estimates. Actual loan terms, taxes, fees, rates, and market returns can change the final outcome.
Example
Worked example
A $300,000 loan at 6.5% for 30 years has a $1,896 monthly payment. The schedule shows the first payment splits into roughly $1,625 interest and $271 principal; by year 15 the split is close to even; the final payments are nearly all principal. Adding $100 a month from the start moves the payoff date about four years earlier and saves roughly $60,000.
FAQ
Common questions
How much does an extra $100 a month change a 30-year mortgage?
On a $300,000 loan at 6.5% (payment about $1,896), an extra $100 a month pays the loan off roughly four years early and saves around $60,000 in interest. The earlier in the loan you start, the bigger the effect, because early payments are mostly interest.
Why is most of my early mortgage payment interest?
Interest is charged on the outstanding balance, which is largest at the start. On a new $300,000 loan at 6.5%, about $1,625 of the first $1,896 payment is interest. As the balance falls, the split gradually flips — the schedule in this calculator shows exactly when.
Is it better to pay extra monthly or in one lump sum?
Mathematically, money applied sooner saves more interest, so monthly extras beat saving up for a year-end lump sum of the same total. What matters most is that extra payments are applied to principal — check how your lender handles them.
What information do I need for the Amortization Schedule?
You usually need loan amount, interest rate, term, start date, and optional extra payments. You can change the inputs and recalculate as many times as needed.
How does the Amortization Schedule calculate the result?
It breaks each payment into principal and interest and tracks the remaining balance over the loan schedule.
Are the results exact?
Financial results are estimates. Actual loan terms, taxes, fees, rates, and market returns can change the final outcome.
Related
Related calculators
Sources