Amortization Schedule Calculator
Generate a payment schedule for an amortized loan so you can see how interest and principal change over time. For amortization with extra payments, compare this schedule to the extra payment calculator. Educational use only. Not financial advice.
Inputs
Results
Schedule (first 24 months)
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $2,275.44 | $1,950.00 | $325.44 | $359,674.56 |
| 2 | $2,275.44 | $1,948.24 | $327.21 | $359,347.35 |
| 3 | $2,275.44 | $1,946.46 | $328.98 | $359,018.37 |
| 4 | $2,275.44 | $1,944.68 | $330.76 | $358,687.61 |
| 5 | $2,275.44 | $1,942.89 | $332.55 | $358,355.05 |
| 6 | $2,275.44 | $1,941.09 | $334.36 | $358,020.70 |
| 7 | $2,275.44 | $1,939.28 | $336.17 | $357,684.53 |
| 8 | $2,275.44 | $1,937.46 | $337.99 | $357,346.54 |
| 9 | $2,275.44 | $1,935.63 | $339.82 | $357,006.73 |
| 10 | $2,275.44 | $1,933.79 | $341.66 | $356,665.07 |
| 11 | $2,275.44 | $1,931.94 | $343.51 | $356,321.56 |
| 12 | $2,275.44 | $1,930.08 | $345.37 | $355,976.19 |
| 13 | $2,275.44 | $1,928.20 | $347.24 | $355,628.95 |
| 14 | $2,275.44 | $1,926.32 | $349.12 | $355,279.83 |
| 15 | $2,275.44 | $1,924.43 | $351.01 | $354,928.81 |
| 16 | $2,275.44 | $1,922.53 | $352.91 | $354,575.90 |
| 17 | $2,275.44 | $1,920.62 | $354.83 | $354,221.07 |
| 18 | $2,275.44 | $1,918.70 | $356.75 | $353,864.33 |
| 19 | $2,275.44 | $1,916.77 | $358.68 | $353,505.65 |
| 20 | $2,275.44 | $1,914.82 | $360.62 | $353,145.02 |
| 21 | $2,275.44 | $1,912.87 | $362.58 | $352,782.45 |
| 22 | $2,275.44 | $1,910.90 | $364.54 | $352,417.91 |
| 23 | $2,275.44 | $1,908.93 | $366.51 | $352,051.39 |
| 24 | $2,275.44 | $1,906.95 | $368.50 | $351,682.89 |
How to read the schedule
Early payments are interest-heavy because the balance is highest. Over time, interest decreases and more of each payment goes toward principal. The "Balance" column shows how much you still owe after each payment.
Amortization schedule example snapshot
Example inputs: $$300,000.00 loan, 6.5% APR, 30-year term.
| Output (estimate) | Value |
|---|---|
| Monthly P&I payment | $1,896.20 |
| Balance after year 1 | $296,646.82 |
| Balance after year 5 | $280,832.93 |
| Total interest (full term) | $382,633.47 |
When this schedule is most useful
- Checking how much principal is paid in year 1 vs later years.
- Estimating the balance at a future date (for refi or sale planning).
- Comparing two rates or terms under the same loan amount.
How to compare two loans
- Run the first loan and note the payment and balance at year 5.
- Change only one input (rate or term), then re-run.
- Compare the total interest and balance at the same time point.
If your statement differs
- Servicers may use different rounding conventions.
- Payment posting dates can shift interest slightly.
- Escrow changes do not affect this principal-and-interest schedule.
Useful balance checkpoints
- Balance at year 1: early principal reduction snapshot.
- Balance at mid-term: compare refinance or recast scenarios.
- Balance before sale: estimate proceeds after payoff.
What the interest column reveals
- Faster principal reduction shows up as a quicker drop in monthly interest.
- Higher rates keep interest elevated for longer, even with the same payment.
- Comparing two schedules side by side shows where total interest diverges.
Refinance snapshot
If you are considering a refinance, compare the balance at the expected refi month. Use that balance as the starting point in the refinance scenario so the comparison stays consistent.
If you plan to pay off early
This schedule assumes the standard payment. If you make extra payments or lump sums, use the extra payment calculator to model a new schedule and compare the payoff date and interest saved.
Amortization schedule calculator inputs to verify
- Loan amount is principal only (exclude taxes, insurance, and fees).
- Interest rate is the note rate, not APR.
- Term matches your loan (15, 20, 30 years, or custom).
- If you plan extra payments, use the extra payment calculator to compare.
Common pitfalls
- Escrow items (taxes/insurance) are not part of amortization; this schedule is principal and interest only.
- Lenders may round payments and interest slightly differently than a calculator.
- Extra payments can change the schedule; use the extra payment calculator for those scenarios.
- Adjustable-rate loans require a rate-change model; this assumes a fixed rate.
Match your statement
- Check the payment posting date; interest can shift if your servicer posts earlier or later.
- Compare one or two rows in the schedule to your statement to validate rounding.
- If the statement shows escrow, compare only principal and interest amounts.
Related topics
Related tools
How we calculate
- Monthly payment is computed using the standard amortization formula for fixed-rate loans.
- Each month, interest is calculated on the remaining balance and the rest of the payment reduces principal.
- The schedule is an estimate; lenders may round differently.
FAQ
Why is interest higher at the start?
Does this support extra payments?
Is this exact to the penny?
Is this only for mortgages?
What if my rate changes?
Disclaimer
Educational use only. Not financial advice. Results are estimates based on the inputs and assumptions shown on this page. Verify details with lenders, card issuers, and professionals.
Last updated: 2026-02-08