Amortization Calculator
Generate a month-by-month amortization schedule for any fixed-rate loan — see exactly how each payment splits.
Interactive Amortization Calculator
Result
Use this free amortization calculator to generate a complete month-by-month loan amortization schedule. See exactly how each payment splits between interest and principal, model extra payments, and visualize the balance curve over time.
How to use this amortization calculator
Enter the loan amount, annual interest rate, term in years, and first payment date. The tool generates the full schedule showing principal, interest, and remaining balance for every payment. Open advanced settings to add recurring extra principal payments and see months saved plus interest savings.
Worked example: $300,000 mortgage at 6.5% over 30 years
The first-year payments for a $300,000 loan at 6.5% over 30 years:
- Monthly payment: $1,896
- First month: $1,625 to interest, $271 to principal
- Month 12: $1,602 to interest, $294 to principal
- Total interest year 1: $19,069
- Balance after year 1: $297,069
Only $3,344 went to principal in the first year. By year 15, the split has flipped — each payment is roughly half interest, half principal. By year 30, almost the entire payment is principal.
The crossover point
For a 30-year fixed-rate loan, the month when principal exceeds interest is around month 180-220 (year 15-18). After this point, each payment builds equity faster than it pays interest. The amortization schedule marks this crossover explicitly.
For shorter-term loans, the crossover happens earlier. A 15-year mortgage at the same rate has its crossover around year 7-8.
Extra payments change everything
A $100/month extra principal payment on the same $300,000 mortgage at 6.5%:
- Months saved: about 47 months (nearly 4 years)
- Interest saved: about $63,000
A $200/month extra payment:
- Months saved: about 87 months (over 7 years)
- Interest saved: about $117,000
Extra payments early in the loan have an outsized impact because they reduce the balance that interest compounds on. The calculator’s extra payment field models this directly.
Worked example: refi comparison
You have a $250,000 remaining balance at 7% on a 30-year loan from 5 years ago. A lender offers a refi at 5.5% over 20 years.
- Current monthly: $1,663
- Refi monthly: $1,716 (higher payment, shorter term)
- Total interest current schedule: $234,000 over remaining 25 years
- Total interest refi schedule: $161,000 over 20 years
- Interest saved by refi: $73,000
But refi closing costs typically run $3,000-6,000. The break-even on the higher monthly payment vs. interest savings depends on how long you stay in the home. Use the Mortgage Calculator to model the new loan and compare total interest against your current amortization schedule.
Reading the amortization schedule
Each row shows:
- Month: sequential payment number (1 = first payment)
- Payment: total amount due (principal + interest)
- Interest: portion applied to interest charges
- Principal: portion applied to balance reduction
- Remaining balance: outstanding principal after that payment
The sum of all interest across all rows equals total interest paid. The sum of all principal equals the original loan amount (assuming no extra payments).
Tips for using the schedule
- Plan extra payments strategically. Extra payments early in the loan save disproportionately more interest. If you can afford them, prioritize them in years 1-10.
- Use the schedule for tax planning. Total interest paid in a calendar year is the deductible amount for mortgage interest (subject to limits and itemizing).
- Compare loan products with the same schedule. Two lenders at slightly different rates produce noticeably different total interest over 30 years. The schedule makes that comparison concrete.
- Watch for ARM resets. Adjustable-rate loans reset their rate at scheduled intervals, changing the entire schedule. The current schedule does not model rate changes — your lender’s reset notice shows the new terms.
- Refinance at the right time. Refinancing in years 5-15 of a 30-year loan typically captures most of the interest savings without extending the term too far.
Common pitfalls
- Confusing amortization with paydown. Amortization describes the schedule structure. Paydown is the actual process of reducing the balance. They overlap but mean different things.
- Ignoring escrow. This schedule shows principal and interest only. Property taxes, homeowners insurance, and PMI are added to the monthly payment but are not part of the amortization.
- Forgetting closing costs. Refinancing carries closing costs that the amortization does not capture. Factor them in separately.
- Comparing monthly payment only. A loan with a lower monthly payment often has a longer term and dramatically more interest. Compare total cost, not just the headline figure.
Related Tools
- Mortgage Calculator – Estimate monthly mortgage payments including taxes and insurance.
- Loan Calculator – Calculate payments for any fixed-rate loan.
- Auto Loan Calculator – Car payments with down payment and trade-in.
- Student Loan Calculator – Plan federal or private student loan repayment.
- Credit Card Payoff Calculator – Build a debt payoff strategy for high-interest credit cards.
| Month | Payment | Interest | Principal | Remaining balance |
|---|---|---|---|---|
| 1 | $1,896 | $1,625 | $271 | $299,729 |
| 6 | $1,896 | $1,616 | $280 | $298,603 |
| 12 | $1,896 | $1,602 | $294 | $297,069 |
| 60 (year 5) | $1,896 | $1,470 | $426 | $282,073 |
| 180 (year 15) | $1,896 | $1,021 | $875 | $206,318 |
| 360 (final) | $1,896 | $5 | $1,891 | $0 |
Compare your options
Two methods, three minutes. The honest trade-off table.
This amortization calculator
- + Full month-by-month schedule with interest and principal split.
- + Models extra payments and shows interest savings.
- + Chart visualizes balance and cumulative interest over time.
- − Does not model variable rates or interest-only periods.
Lender's amortization statement
- + Official document with exact dates and amounts.
- + Includes escrow and insurance line items.
- − Requires a real loan and account access.
- − Limited to one loan at a time.
Excel amortization template
- + Maximum flexibility for unusual loan structures.
- + Easy to model what-if scenarios.
- − Manual setup and formula upkeep.
- − No visualization unless you build one.
Who actually uses Amortization Calculator?
Five concrete situations pulled from real sessions, with the exact inputs people paste in.
See when principal payments start exceeding interest.
Enter the original loan amount, rate, and term. The schedule shows each payment's interest and principal split, and the running balance — useful for projecting extra payments or refi decisions.
Quantify the impact of additional payments.
Add a recurring extra principal payment to see how many months come off the loan and how much interest is saved. The chart makes the impact visible.
Compare loan interest cost against potential investment returns.
Use the amortization schedule to see total interest over the loan term. Compare against expected investment returns to decide whether to prepay or invest the difference.
A complete schedule for the refinanced loan.
Plug in the new loan's balance, rate, and term. The schedule shows the new monthly payment, the new total interest, and how the crossover point shifts.
Total interest paid in a specific tax year.
Sum the interest column for the relevant year. The schedule shows each month's interest, making it straightforward to add up the year's deduction.
An amortization calculator that shows the full picture — not just the monthly payment
Most loan calculators return a monthly payment and total interest. This tool returns the entire amortization schedule — every payment, every interest charge, every principal reduction — for the life of the loan. Whether you are evaluating extra payments, refinancing, or just want to understand where each dollar goes, the schedule makes the answer concrete.
Full schedule, not just summary
Every payment's interest, principal, and remaining balance is listed. The cumulative interest column shows the running total — useful for tax planning and payoff strategy.
Chart shows the balance curve over time
The chart reveals the slow start (mostly interest) and accelerating principal reduction in later years. The crossover point — when principal exceeds interest — typically falls around year 15-20 for a 30-year loan.
Quantifies the impact of additional principal payments
Add a recurring extra payment and the schedule recomputes. Months saved and interest saved are displayed alongside the new payoff date.
Works for any fixed-rate loan
Same formula handles mortgages, auto loans, personal loans, and student loans. The schedule structure is identical regardless of loan type.
What you only get here: a free, browser-based amortization schedule generator with extra payment modeling and a balance chart — without an account or a spreadsheet.