Fixed Payment
For a fixed-rate amortizing loan, the contractual monthly payment stays the same while the mix of interest and principal changes each month.
Loan schedule
Amortization Calculator
Build a month-by-month amortization schedule with optional extra monthly, yearly, or one-time principal payments.
Loan Inputs
Enter loan amount, term, and interest rate. Add extras to see interest savings.
Loan Amount
$
Loan Term (years)
Additional Months
Interest Rate
%
Optional Extra Payments
Extra Monthly
$
Extra Yearly
$
One-time (month 1)
$
Amortization Schedule
Showing year 1 of the schedule.
| Month | Payment | Principal | Interest | Extra | Balance |
|---|
How Amortization Works
Each scheduled payment first covers accrued interest; the remainder reduces principal. Over time the interest share falls and the principal share rises — until the balance reaches zero.
Interest First
Interest for the period equals remaining balance × monthly rate. Early months are interest-heavy because the balance is highest.
Principal Paydown
Whatever is left after interest reduces the balance. Next month’s interest is calculated on the new, lower balance.
Extra Payments
Optional monthly, yearly, or one-time principal payments cut total interest and can finish the loan months or years early.
Amortization Calculator Features
Build a transparent payoff schedule for mortgages, personal loans, or other fixed-rate debt.
Month-by-Month Table
Browse the schedule by year with payment, principal, interest, extras, and ending balance.
Flexible Term
Enter years plus extra months so odd terms (for example 15 years and 6 months) are supported.
Extra Payment Modeling
Test recurring monthly or annual extras and a first-month lump sum to see interest saved.
Payoff Insights
Compare total interest, months to payoff, and savings versus a schedule with no extras.
When to Use an Amortization Schedule
A schedule turns a single payment number into a full repayment story you can plan around.
Compare loan offers
Two loans with similar monthly payments can have very different total interest. The schedule makes the lifetime cost obvious before you sign.
Plan early payoff
If you receive a bonus or tax refund, model a one-time principal payment and see how many months disappear from the end of the loan.
Refinance checkpoints
Knowing remaining balance and remaining term helps you judge whether a refinance truly saves money after closing costs.
Budget principal vs. interest
Homeowners and business borrowers often track deductible interest. The yearly view helps estimate interest paid in a tax year.
Why Use Our Amortization Calculator?
- Standard fixed-rate amortization formula used across consumer loans
- Supports extra monthly, yearly, and one-time principal payments
- Year-by-year schedule navigation for long mortgages
- Instant interest-saved comparison versus the baseline loan
Frequently Asked Questions
What is an amortization schedule?
It is a table that lists every payment over the life of a loan, showing how much goes to interest, how much reduces principal, and what balance remains after each payment.
Why is most of my early payment interest?
Interest is charged on the outstanding balance. Early on the balance is largest, so interest takes a bigger share. As principal declines, more of each payment reduces the balance.
Do extra payments lower my required monthly bill?
Usually not automatically. Extra principal typically shortens the term or reduces future interest while the contractual payment stays the same — unless you ask the lender to re-amortize.
Can I use this for a mortgage and a car loan?
Yes. Any fixed-rate amortizing loan with a known principal, rate, and term can be modeled. Adjustable-rate loans need separate handling for rate resets.
How accurate is the interest-saved figure?
It compares your extra-payment schedule with the same loan paid only by the contractual payment. Lender rounding, fees, or biweekly plans can produce small differences.
What if my rate is 0%?
With a 0% rate, each payment is simply principal divided by the number of months — there is no interest component.
Related Calculators
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Disclaimer
Educational schedule only. Actual lender schedules may round differently or include fees, escrow, or prepayment terms not modeled here. Confirm payoff figures with your loan servicer.