Amortization Schedule Calculator where every payment goes
Enter the loan, the rate and the term. The chart shows what is still owed at the end of every year, and the result shows what the schedule costs from first row to last.
Same Payment, Shifting Split
The instalment never changes. What it buys changes every single month.
Principal and Interest Only
Escrowed tax, insurance and fees sit outside the schedule.
What is an amortization schedule?
At a Glance
An amortization schedule is the row-by-row plan of a loan: for every scheduled payment it records how much covers interest, how much reduces the balance, and what is still owed afterwards. The payment is identical every month; the split inside it is not.
Every row of a schedule is the same three lines of arithmetic, applied to whatever balance is left:
- Interest this month = current balance × monthly rate
- Principal this month = payment − interest (plus any extra payment)
- New balance = current balance − principal
The payment itself is fixed in advance so that the balance lands exactly on zero at the final row. That is what the annuity formula does:
M = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1)According to Investopedia's definition of amortization, this front-loading of interest is a mathematical consequence rather than a lender's choice: interest is charged on what is outstanding, and what is outstanding is largest at the start. Nothing about the schedule is discretionary once the amount, the rate and the term are agreed.
This calculator works to monthly compounding of a nominal annual rate and reports principal and interest only. Escrowed property tax, insurance and fees are collected alongside a real payment but are not part of the amortization.
These are the values the calculator loads by default.
Find the level payment
6 % ÷ 12 = 0.5 % per month over 360 payments gives 1,498.88.
Build the first row
Interest = 250,000 × 0.5 % = 1,250. Principal = 1,498.88 − 1,250 = 248.88. New balance: 249,751.12. Five sixths of the first payment is rent on the money.
Find the crossover
Principal first exceeds interest at payment 223 — after more than eighteen years. Until then, most of every payment is interest.
Find the halfway point
The balance falls below half the original at payment 252, in year 21 of 30. Repaying half the money takes seven tenths of the term.
Read the last row
Payment 360 is 7.46 interest and 1,491.42 principal, and the balance ends on exactly zero. Across the whole schedule: 539,595.47 repaid, 289,595.47 of it interest.
A schedule turns a vague sense that "long loans are expensive" into three specific facts.
The crossover is later than it feels. On the default loan, payment 223 of 360 is the first one that puts more into the balance than into the lender's pocket. If you expect to move, refinance or sell before then, you will have paid mostly interest and built little equity.
Extra payments compound backwards. An extra 100 a month clears this loan in 306 months instead of 360 and cuts interest from 289,595 to 238,023 — 51,572 saved for 100 a month. Doubling that to 200 a month finishes in 267 months and saves 86,233. The saving grows faster than the payment because each extra unit also removes every future interest charge on it.
Early beats late, decisively. Because the balance is highest at the start, the same overpayment made in year 1 removes far more future interest than in year 20. If you can only overpay for a while, do it at the beginning.
For the payment on its own, use the Loan Payment Calculator. For a housing payment with tax and insurance, the Mortgage Payment Calculator adds them.
What the schedule assumes
This calculator is for informational purposes and models an idealised schedule: a fixed rate, equal monthly payments, payments made exactly on time, and monthly compounding.
- Daily-accrual lenders differ. If interest accrues daily, paying a few days early or late changes each row slightly.
- Extra payments assume they are allowed. Some agreements cap overpayments or charge an early-repayment fee, which would reduce the saving shown.
- Variable rates break the schedule. Everything past the first rate reset is a projection at today's rate.
- Escrow is excluded. Tax and insurance are billed alongside the loan and are re-assessed annually.
- Rounding. Real lenders round each payment to the cent, so a real final row can differ by a few units. Totals here are summed from unrounded values.
Verify the schedule against the one your lender issues, and consult a qualified financial advisor before restructuring long-term debt.