Finance calculator
Standalone tool pageLoan Amortization Schedule Calculator
Generate a complete amortization schedule to see your principal and interest breakdown over time.
Summary
Monthly payment (w/o extra)
Total interest
Payoff time
Amortization Schedule (Yearly)
| Year | Interest | Principal | Ending Balance |
|---|
How It Works
The tool calculates your standard monthly payment, then steps through each month. It multiplies the remaining balance by the monthly interest rate to find the interest portion, applies the rest of your payment (including any extra) to the principal, and groups the results by year.
Example
For a $100,000 loan at 5.5% over 30 years, your standard payment is $567.79. In Year 1, you pay about $5,466 in interest and only $1,347 toward principal. By Year 20, the balance shifts and you pay more principal than interest.
When to use this calculator
- When you want to see exactly how much of your payment goes to the bank vs your principal.
- When deciding if making extra monthly payments is worth the interest savings.
- To find out what your loan balance will be in a specific year.
Understanding your schedule
- Early payments are mostly interest.
- Later payments are mostly principal.
- Extra payments accelerate this shift significantly.
Limitations of this tool
- Assumes a fixed interest rate for the entire term.
- Does not account for variable rates (ARMs) or complex compounding periods.
- Lender rounding rules may cause slight variations of a few cents in actual payments.
Frequently Asked Questions
What is a loan amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.
Does extra payment reduce my monthly payment?
Usually no. Making extra payments reduces your principal balance faster, which shortens the life of the loan and reduces total interest paid, but the fixed monthly payment amount typically remains the same.
How is interest calculated?
Interest is calculated on the remaining principal balance for each period. As the principal decreases over time, the portion of your payment going toward interest decreases, and the portion going toward principal increases.