Amortization Calculator – Loan Payment Schedule with Principal & Interest

An amortization schedule is a table that breaks down every payment over the life of a loan. Each row shows the payment number, total payment amount, how much went to principal, how much went to interest, and the remaining loan balance after that payment. It helps you see exactly how your debt decreases over time.

Interest is calculated each month on your remaining balance. Early in the loan, the balance is at its highest, so interest charges are larger. As you pay down principal, the balance shrinks and less interest accrues. On a 30-year mortgage at 6.5%, it typically takes about 18-20 years before principal payments exceed interest payments.

A shorter term means higher monthly payments but far less total interest. For example, a $200,000 loan at 6.5% costs approximately $255,000 in interest over 30 years, but only about $110,000 over 15 years — a savings of roughly $145,000. The tradeoff is a higher monthly payment.

Yes. Any fixed-rate amortizing loan works — mortgages, auto loans, personal loans, and student loans. Just enter the loan amount, interest rate, and term. Note that mortgages often include property taxes and insurance in escrow, which this calculator does not account for.

Making extra principal payments is the most direct way. Even $50 or $100 extra per month can cut years off a 30-year mortgage and save tens of thousands in interest. Some lenders also allow biweekly payment plans, which result in one extra monthly payment per year. Check with your lender about any prepayment penalties before making additional payments.

The standard amortization formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (term in years × 12). This formula ensures the loan reaches exactly zero after the final scheduled payment.