See exactly how each monthly payment splits between principal and interest over the life of your loan. Enter your loan amount, interest rate, and term to generate a detailed amortization schedule with yearly summaries.
Amortization is how a fixed-rate loan gets paid off: every payment is the same dollar amount, but the split between principal and interest changes over time. Early in the loan, when the balance is large, most of each payment is interest. Late in the loan, when the balance is small, most of each payment is principal. The amortization schedule is the month-by-month table that makes this split visible.
This calculator takes a loan amount, rate, and term, and produces a complete amortization schedule with monthly principal/interest splits and yearly summaries. It works for any fully amortizing fixed-rate loan: mortgages, auto loans, student loans (most), personal loans, business term loans.
Looking at the schedule reveals a counterintuitive fact: on a 30-year mortgage at 6.5%, you don't actually pay off half the original principal until about year 22. The early years are dominated by interest. This is why mortgage interest deductions are largest in the first decade and why prepayments early in the loan have outsized impact.
$300,000 loan at 6.5%: 30-year: payment $1,896, total interest $382,633 15-year: payment $2,613, total interest $170,290 The 15-year saves $212,343 in lifetime interest. After 5 years on each loan: 30-year balance: $279,900 (only $20K principal paid) 15-year balance: $237,400 (about $63K principal paid) The 15-year builds equity 3× faster.
$250,000 at 6.5% for 30 years. Pay an extra $200/month from month 1. Without extras: 360 months, $318,861 interest With $200 extra: ≈ 308 months, $264,000 interest Just $200/month extra pays off the loan 4 years and 4 months early and saves ≈ $55,000. Extra payments early have the largest impact.
Use this calculator to understand exactly how a loan gets paid off — useful when comparing loan terms, planning extra principal payments, or evaluating whether to refinance. The schedule is also useful for tax planning: mortgage interest is deductible (subject to limits), and the schedule tells you how much you'll pay each year.
For loans with non-standard features — interest-only periods, balloon payments, adjustable rates, variable principal — this calculator won't capture them. Use the specific calculators for ARM loans, balloon mortgages, or interest-only loans instead. For accelerated payoff strategies across multiple debts, use the debt snowball or accelerated payoff calculators.
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.
Calculate your monthly car payment and total loan cost including trade-in and sales tax.
Calculate monthly payments, total interest, and effective APR for a personal loan.
Calculate the true APR of a loan including all fees and costs.
Calculate monthly payments and total cost for a boat or marine loan.
Calculate available credit and payments for a home equity line of credit.
Monthly Payment
$1,580
Total Payments
$568,861
Total Interest
$318,861
| Year | Total Payments | Principal | Interest | End Balance |
|---|---|---|---|---|
| 1 | $18,962.04 | $2,794.31 | $16,167.73 | $247,205.69 |
| 2 | $18,962.04 | $2,981.45 | $15,980.59 | $244,224.23 |
| 3 | $18,962.04 | $3,181.13 | $15,780.91 | $241,043.10 |
| 4 | $18,962.04 | $3,394.17 | $15,567.87 | $237,648.93 |
| 5 | $18,962.04 | $3,621.49 | $15,340.55 | $234,027.44 |
| 6 | $18,962.04 | $3,864.03 | $15,098.02 | $230,163.42 |
| 7 | $18,962.04 | $4,122.81 | $14,839.23 | $226,040.61 |
| 8 | $18,962.04 | $4,398.92 | $14,563.12 | $221,641.69 |
| 9 | $18,962.04 | $4,693.52 | $14,268.52 | $216,948.17 |
| 10 | $18,962.04 | $5,007.86 | $13,954.18 | $211,940.32 |
| 11 | $18,962.04 | $5,343.24 | $13,618.80 | $206,597.07 |
| 12 | $18,962.04 | $5,701.09 | $13,260.95 | $200,895.99 |