Amortization Calculator
View a full loan amortization schedule with optional extra payments.
Navigation
Private by default
Files stay in your browser. Nothing is uploaded unless a tool says otherwise.
Monthly Payment
$1,896.20
$1,896.20 base
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
☕ This tool is free forever. If it saved you time, buy me a coffee.
How Amortization Works
Every payment on a fixed-rate amortizing loan is the same dollar amount, but the split between principal and interest changes over time. Early payments are mostly interest; later payments are mostly principal.
Example: On a $300,000, 30-year mortgage at 7%, your monthly payment is $1,996.
- Month 1: $1,750 goes to interest, $246 to principal
- Month 180 (year 15): $1,340 to interest, $656 to principal
- Month 360 (final): $12 to interest, $1,984 to principal
By year 15, you've paid approximately 45% of your total lifetime interest but reduced your principal by only about 20%. This front-loading of interest is why extra early payments save so much money.
The Power of Extra Payments
On a $300,000, 30-year, 7% mortgage (monthly payment: $1,996):
| Extra Monthly Payment | Interest Saved | Years Saved | Payoff Date |
|---|---|---|---|
| $0 (baseline) | -- | -- | 30 years |
| $100/month | ~$47,000 | ~3 years | ~27 years |
| $200/month | ~$89,000 | ~6 years | ~24 years |
| $500/month | ~$175,000 | ~12 years | ~18 years |
Even $100 extra per month saves meaningful money over the life of the loan. Use the "Extra Monthly Payment" field in the calculator above to see your specific numbers.
The key insight: extra payments reduce the balance faster, which means less interest accrues each month, which means future payments pay down principal even faster -- a compounding benefit that works in your favor. See also our loan calculator for a simpler view of your base payment.
When to use this
You just got approved for a mortgage and the lender handed you a number — $2,100 a month for 30 years. But what does that actually look like? How much of that first payment is interest vs. principal? When does the crossover happen where you're finally paying down more principal than interest? An amortization schedule answers all of this, month by month, for the entire life of your loan.
This calculator is especially powerful when you're considering extra payments. Maybe you can afford an extra $200 a month and want to see the exact impact: how many years it shaves off, how much interest it saves, and when you'd be debt-free. The side-by-side comparison of your standard schedule vs. the accelerated one makes the decision concrete rather than abstract.
Use it for any fixed-rate loan — mortgages, auto loans, student loans, or personal loans. If the interest rate and term are fixed, the amortization math applies. Variable-rate loans change the picture (and this calculator assumes a fixed rate throughout), but you can still model different rate scenarios by running the numbers at each rate.
Good to know
The formula is M = P[r(1+r)^n] / [(1+r)^n - 1]. P is the principal (loan amount), r is the monthly interest rate (annual rate / 12), and n is total number of payments (years × 12). Each month, interest = remaining balance × r, and principal = M - interest. As the balance shrinks, less goes to interest and more to principal — that's amortization.
Front-loading of interest is dramatic. On a $300,000 mortgage at 6.5% over 30 years, your first payment of $1,896 splits as $1,625 interest and $271 principal. You don't reach a 50/50 split until around year 19. This is why selling a home in the first few years often means you've barely touched the principal.
Extra payments attack the back end of the schedule. When you pay an extra $200/month, that money goes entirely to principal. Each dollar of extra principal eliminates a future interest charge, creating a compounding savings effect. On the same $300,000 mortgage, $200/month extra saves about $82,000 in interest and pays off the loan 6.5 years early.
Biweekly payments are a stealth extra payment. Paying half your monthly payment every two weeks results in 26 half-payments (13 full payments) per year instead of 12. That one extra payment per year can shave 4–5 years off a 30-year mortgage.
Refinancing resets your amortization clock. If you refinance 10 years into a 30-year mortgage into a new 30-year mortgage, you restart the front-loaded interest cycle. Even at a lower rate, you may pay more total interest. Always compare total remaining cost, not just monthly payments.
Quick Reference
| Loan | Rate | Term | Monthly Payment | Total Interest | With $200/mo Extra |
|---|---|---|---|---|---|
| $200,000 | 6.0% | 30 yr | $1,199 | $231,640 | $152,120 (saves $79,520) |
| $300,000 | 6.5% | 30 yr | $1,896 | $382,633 | $300,480 (saves $82,153) |
| $300,000 | 6.5% | 15 yr | $2,613 | $170,389 | $141,220 (saves $29,169) |
| $25,000 | 5.5% | 5 yr | $478 | $3,638 | $2,490 (saves $1,148) |
| $40,000 | 7.0% | 6 yr | $684 | $9,225 | $6,870 (saves $2,355) |