Amortization schedule calculator
Updated Updated for 2026 tax law
Enter any fixed-rate loan to get its complete amortization schedule — every payment's interest, principal and remaining balance — by month or by year, with optional extra payments and a CSV download.
- First payment: interest
- $1,625.00
- First payment: principal
- $271.20
- First year: interest / principal
- $19,401 / $3,353
Interest each month = balance × rate ÷ 12, rounded to the cent; the last payment is adjusted for rounding.
Amortization schedule (360 payments)
| Year | Ends | Paid | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Nov 2027 | $22,754.40 | $3,353.12 | $19,401.28 | $296,646.88 |
| 2 | Nov 2028 | $22,754.40 | $3,577.68 | $19,176.72 | $293,069.20 |
| 3 | Nov 2029 | $22,754.40 | $3,817.29 | $18,937.11 | $289,251.91 |
| 4 | Nov 2030 | $22,754.40 | $4,072.94 | $18,681.46 | $285,178.97 |
| 5 | Nov 2031 | $22,754.40 | $4,345.71 | $18,408.69 | $280,833.26 |
| 6 | Nov 2032 | $22,754.40 | $4,636.75 | $18,117.65 | $276,196.51 |
| 7 | Nov 2033 | $22,754.40 | $4,947.30 | $17,807.10 | $271,249.21 |
| 8 | Nov 2034 | $22,754.40 | $5,278.62 | $17,475.78 | $265,970.59 |
| 9 | Nov 2035 | $22,754.40 | $5,632.13 | $17,122.27 | $260,338.46 |
| 10 | Nov 2036 | $22,754.40 | $6,009.32 | $16,745.08 | $254,329.14 |
| 11 | Nov 2037 | $22,754.40 | $6,411.79 | $16,342.61 | $247,917.35 |
| 12 | Nov 2038 | $22,754.40 | $6,841.18 | $15,913.22 | $241,076.17 |
| 13 | Nov 2039 | $22,754.40 | $7,299.36 | $15,455.04 | $233,776.81 |
| 14 | Nov 2040 | $22,754.40 | $7,788.20 | $14,966.20 | $225,988.61 |
| 15 | Nov 2041 | $22,754.40 | $8,309.84 | $14,444.56 | $217,678.77 |
| 16 | Nov 2042 | $22,754.40 | $8,866.33 | $13,888.07 | $208,812.44 |
| 17 | Nov 2043 | $22,754.40 | $9,460.12 | $13,294.28 | $199,352.32 |
| 18 | Nov 2044 | $22,754.40 | $10,093.70 | $12,660.70 | $189,258.62 |
| 19 | Nov 2045 | $22,754.40 | $10,769.69 | $11,984.71 | $178,488.93 |
| 20 | Nov 2046 | $22,754.40 | $11,490.95 | $11,263.45 | $166,997.98 |
| 21 | Nov 2047 | $22,754.40 | $12,260.53 | $10,493.87 | $154,737.45 |
| 22 | Nov 2048 | $22,754.40 | $13,081.64 | $9,672.76 | $141,655.81 |
| 23 | Nov 2049 | $22,754.40 | $13,957.73 | $8,796.67 | $127,698.08 |
| 24 | Nov 2050 | $22,754.40 | $14,892.51 | $7,861.89 | $112,805.57 |
| 25 | Nov 2051 | $22,754.40 | $15,889.89 | $6,864.51 | $96,915.68 |
| 26 | Nov 2052 | $22,754.40 | $16,954.05 | $5,800.35 | $79,961.63 |
| 27 | Nov 2053 | $22,754.40 | $18,089.49 | $4,664.91 | $61,872.14 |
| 28 | Nov 2054 | $22,754.40 | $19,300.99 | $3,453.41 | $42,571.15 |
| 29 | Nov 2055 | $22,754.40 | $20,593.64 | $2,160.76 | $21,977.51 |
| 30 | Nov 2056 | $22,759.11 | $21,977.51 | $781.60 | $0.00 |
How to use the amortization calculator
- Enter the loan amount, the annual interest rate and the term in years (add months for odd terms like 5 years 6 months).
- Set the month of your first payment so the schedule shows real dates.
- Optionally add extra payments to see the shorter schedule and interest saved.
- Switch the schedule between yearly and monthly rows and download it as a CSV for Excel or Google Sheets.
How amortization works
P = amount borrowed · i = annual rate ÷ 12 · n = number of monthly payments
Each month: interest = balance × i · principal = M − interest · new balance = balance − principal
Worked example — $300,000 at 6.5% for 30 years. The payment is $1,896.20. Month 1: interest = 300,000 × 0.065 ÷ 12 = $1,625.00; principal = $1,896.20 − $1,625.00 = $271.20; new balance = $299,728.80. Month 2 repeats with the new balance, so interest is a little lower and principal a little higher. Lenders round each month's interest to the cent and adjust the final payment for the leftover pennies.
How each payment splits over time
| Year | Interest | Principal | Interest share | Balance at year end |
|---|---|---|---|---|
| 1 | $1,625.00 | $271.20 | 86% | $296,647 |
| 5 | $1,544.72 | $351.48 | 81% | $280,833 |
| 10 | $1,410.17 | $486.03 | 74% | $254,329 |
| 15 | $1,224.10 | $672.10 | 65% | $217,679 |
| 20 | $966.82 | $929.38 | 51% | $166,998 |
| 25 | $611.03 | $1,285.17 | 32% | $96,916 |
| 30 | $119.04 | $1,777.16 | 6% | $0 |
Total interest over the life of this loan: $382,637. Because interest is front-loaded, extra payments made early save far more than the same amount paid late.
Disclaimer: Estimates for information only — not financial, lending or legal advice. Your lender's Loan Estimate and disclosures are the binding numbers. Fixed-rate loans with monthly payments only; adjustable-rate loans, interest-only periods and daily-interest loans will differ slightly.
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Frequently asked questions
What is an amortization schedule?
A table of every payment on a fixed-rate loan showing how much goes to interest, how much to principal, and the balance afterwards. The payment stays the same, but the interest part shrinks and the principal part grows each month as the balance falls.
Why is most of my early payment interest?
Interest is charged on the balance you still owe, which is largest at the start. On a $300,000 loan at 6.5%, the first payment of $1,896.20 is $1,625.00 interest and only $271.20 principal. You don't pay off half the loan until payment 257 (year 22).
How do I calculate the interest on a payment?
Multiply the current balance by the annual rate and divide by 12. For $300,000 at 6.5%: 300,000 × 0.065 ÷ 12 = $1,625.00. Subtract that from the payment to get the principal paid.
Do extra payments change the schedule?
Yes. Extra principal lowers the balance immediately, so every later payment has less interest and more principal, and the loan ends early. The required monthly payment stays the same unless you ask the lender to recast the loan.
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Estimates for information only — not tax, legal or financial advice.