Loan Amortization Schedule
See how paying extra each month shortens the loan and saves interest
See exactly how every monthly loan payment splits between principal and interest, and how your balance decreases over time. Enter your loan amount, interest rate, and term to generate the full payment schedule. Use the extra payment feature to see how much faster you could pay off the loan and how much interest you would save by adding even a small amount above the minimum each month.
How to use this tool
- 1Enter the loan amount - the amount you are borrowing, not including any fees or insurance that may be bundled into monthly payments.
- 2Enter the annual interest rate as a percentage. For a mortgage this is the interest rate, not the APR (which includes fees). For car loans and personal loans, use the rate shown in your loan agreement.
- 3Enter the loan term in years. Common terms are 15 or 30 years for mortgages, 3-7 years for car loans, and 1-7 years for personal loans.
- 4Set the start month - the month you expect your first payment. This controls the dates shown in the schedule.
- 5Optionally enter an extra monthly payment to see the impact: how many months are cut from the term and how much total interest is saved. Even $100-$200 extra per month can save years off a 30-year mortgage.
- 6Read the summary: monthly payment, total interest, total paid, and payoff date. Scroll or expand the table to see any month's breakdown. Download the CSV for use in a spreadsheet.
Formula used
Example
Loan: $350,000. Rate: 6.5%. Term: 30 years. Monthly payment: $2,212. Total interest: $446,374. Total paid: $796,374. Payoff date: 30 years from start. With $300/month extra: payoff in 24 years 9 months (saving 5 years 3 months). Total interest with extra: $327,480. Interest saved: $118,894. The extra $300/month saves nearly $120,000 in interest.
Loan: $28,000. Rate: 7.9%. Term: 5 years. Monthly payment: $568. Total interest: $6,070. Total paid: $34,070. With $100/month extra: payoff in 4 years 2 months (saving 10 months). Interest saved: $1,180. Even $100/month extra on a car loan eliminates almost a year of payments.
Common use cases
- Homebuyers understanding the total interest cost of a mortgage before committing to a 15-year versus 30-year term
- Mortgage holders calculating how extra monthly payments would reduce their remaining term and total interest paid
- Car buyers comparing the true cost of different loan terms (3 years versus 5 years for the same car price)
- Small business owners scheduling loan repayments and understanding the cash flow impact of each monthly payment
- Financial advisors showing clients the long-term cost of debt and the compounding benefit of overpaying
- Anyone with an existing loan who wants to verify their lender's amortization matches the standard calculation
Common mistakes
- Entering the APR instead of the interest rate - APR includes fees and is higher than the nominal rate; the amortization formula uses the stated interest rate from your loan agreement
- Assuming the first payment starts immediately - most loans have a one-month grace period before the first payment; set the start month to the month of your first actual payment
- Not accounting for escrow or insurance amounts that may be bundled into your lender's stated payment - the payment shown here is principal and interest only
- Expecting the extra payment calculation to match your lender's exactly - lenders may apply extra payments differently (to principal immediately versus next month), affecting the exact savings
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a complete table of monthly loan payments showing how much of each payment goes to interest and how much reduces the loan principal. In the early years of a loan, most of each payment is interest. As the balance decreases, a larger share of each payment goes to principal. The schedule shows every payment until the loan is fully repaid.
Why does so much of my early payment go to interest?
Because interest is calculated on the remaining balance. At the start of a $300,000 mortgage at 6.5%, the balance is $300,000 and the monthly interest charge alone is $1,625. As the balance decreases over the years, the interest portion of each payment shrinks and the principal portion grows. This is why extra payments in the early years have a much larger impact than extra payments made near the end of the term.
How much do extra payments actually save?
The savings depend on the loan balance, rate, and how early in the term you start making extra payments. On a $350,000 mortgage at 6.5% over 30 years, adding $300/month saves nearly $120,000 in total interest and cuts over 5 years from the term. Adding $100/month saves approximately $45,000 and cuts about 2.5 years. Use the extra payment field to enter your specific amount and see the impact immediately.
Does this work for mortgages, car loans, and personal loans?
Yes. Any standard fixed-rate loan with equal monthly payments uses the same amortization formula. Enter the loan amount, rate, and term regardless of loan type. Variable-rate loans cannot be fully projected because future rates are unknown, but you can use the calculator to model the current fixed rate period.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing expressed as a percentage of the loan balance. APR (Annual Percentage Rate) includes the interest rate plus any fees, closing costs, or other charges, expressed as a single annual rate. APR is always higher than or equal to the interest rate. Use the interest rate (not APR) in this calculator to get the correct amortization schedule.
Is my data saved?
No. All calculations run in your browser. Your loan amounts and rates are never sent to a server.
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