Amortization Schedule Calculator

How to see an amortization schedule

Enter the loan amount, the interest rate and the term in the calculator above. Under the payment you’ll find the schedule: for each year, how much of what you paid went to principal (reducing the loan), how much was interest, and the balance left at the end of the year. Add an extra monthly payment to see a shorter schedule and the interest it saves.

The schedule is calculated month by month without rounding and summarised by year, which keeps long mortgages readable.

What amortization means

An amortizing loan is paid off with equal payments, each covering that month’s interest plus a slice of the balance. Because interest is charged on what you still owe, early payments are mostly interest; as the balance falls, more of each payment goes to principal. The payment stays the same; the mix changes. The US Consumer Financial Protection Bureau has a plain explanation of amortization.

Example: 25,000 at 7% over 5 years

The monthly payment is 495.03, and total interest is 4,701.80.

In the very first month, 145.83 of the 495.03 payment is interest (25,000 × 7% ÷ 12) and 349.20 reduces the loan. By the last year, interest is down to 219.24 for the whole year.

Example: a 30-year mortgage

300,000 at 6.5% over 30 years: a monthly payment of 1,896.20 and 382,633.47 of interest in total, more than the amount borrowed.

Year 20 is the first year in which more of the payments goes to principal than to interest. Over the first five years you pay 113,772.24, of which 94,605.18 is interest: after five years of payments you still owe about 93.6% of the loan. That’s normal for a long mortgage, and it’s why the mortgage calculator shows the full monthly cost including tax and insurance.

How extra payments change the schedule

An extra payment goes entirely to principal, so all later interest is charged on a smaller balance. On the 300,000 mortgage, paying 200 a month extra ends the loan after 277 months (23 years 1 month) instead of 360, and saves 103,448.79 of interest. The earlier in the schedule you overpay, the more it saves, because the balance and the interest on it are largest at the start. Check your loan terms for early repayment fees first.

Using a schedule

• Plan a payoff date or check how much you’d owe if you sold a car or house after a few years.
• Compare loans with different terms: a shorter term has bigger payments but a much faster falling balance.
• Understand your statements: the principal and interest split on a lender’s statement should be close to the schedule.
• Estimate interest for a tax year where mortgage interest matters for your taxes; your lender’s annual statement is the official figure.

Why your lender’s schedule may differ slightly

Lenders round each payment to the cent, may count interest by the exact number of days, and may start from the date the money was paid out rather than a full month. These make small differences, usually a few cents to a few units a year. Variable rates change the schedule whenever the rate changes; re-run the calculator with the new rate and the current balance. For loans in rupees, the EMI calculator gives the same schedule with lakh and crore figures, and the car loan calculator focuses on vehicle loans.

Ask in plain words

• “Show the amortization schedule for 300,000 at 6.5% over 30 years.”
• “How much interest will I pay in the first five years of my mortgage?”
• “What if I pay 200 extra every month?”

Type it under the calculator or in the AI workspace. Nothing you enter is stored or used to train AI.