Amortization Calculator — complete loan amortization schedule.
Amortization Calculator
See the complete repayment schedule, including principal, interest, and remaining balance over time.
Loan details
Summary
Amortization schedule
| Month | Payment | Principal | Interest | Extra | Balance | Cum. Interest |
|---|
How amortization works
Amortization breaks a loan into equal monthly installments. Each payment covers interest for the period, while the remainder reduces the principal balance.
At the start of the loan, more of each payment goes toward interest. As the balance declines, more of each payment shifts toward principal, which speeds up the payoff curve over time.
Adding an extra monthly payment can shorten the term and reduce total interest, especially in the early years when the balance is highest. This snapshot helps illustrate how that effect works in practice.
- Early payments are interest-heavy.
- Late payments are more principal-heavy.
- Extra payments reduce principal faster.
- Interest falls as the balance declines.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a month-by-month breakdown showing how each payment splits between principal, interest, and remaining balance.
Why does interest decline over time?
Because the outstanding balance shrinks each month, so the interest charged on that balance is lower in later periods.
Does extra payment matter?
Yes. Extra payments reduce principal sooner, which can significantly cut total interest and shorten the loan term.
Is this a lender quote?
No. This is an educational estimate and not a lender commitment or final loan offer.
Does it include taxes or insurance?
No. This calculator focuses on the core principal, rate, term, and optional extra payment.
Can I compare a standard vs. extra-payment plan?
Yes. Adjust the “Extra monthly payment” field to see how much earlier the loan may be repaid and how much interest could be avoided.