Amortization Schedule Calculator
See exactly how much of each payment goes to principal vs interest, year by year.
What is an amortization schedule?
An amortization schedule breaks down every payment over the life of a loan, showing exactly how much goes toward principal (paying down what you borrowed) and how much goes toward interest (the cost of borrowing). Each payment amount stays the same on a fixed-rate loan, but the mix shifts over time: early payments are mostly interest, while later payments are mostly principal.
Why do early payments go mostly to interest?
Interest is calculated each month based on your remaining loan balance. Since your balance is highest at the start of the loan, the interest portion of your payment is also highest then. As you pay down principal, the balance shrinks, so less interest accrues each month and more of your fixed payment goes toward principal — this effect accelerates dramatically in the final years of the loan.
Why does the amortization schedule matter?
Understanding your amortization schedule helps you see how much equity you're building at any point, how much total interest you'll pay over the life of the loan, and how extra principal payments early on can save you significant interest by shortening the loan. Use the year selector above to check any year of your loan term and see the principal-versus-interest split for that specific year.
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a table showing each payment over the life of a loan, broken down into the principal and interest portions, along with the remaining balance after each payment.
Why is more of my payment going to interest early in the loan?
Interest is charged on your outstanding balance, which is highest at the start of the loan. As you pay down the balance over time, less interest accrues each month, so a growing share of your fixed payment goes toward principal.
How much total interest will I pay over the life of my loan?
Total interest depends on your loan amount, rate, and term. A 30-year loan at a given rate will accumulate significantly more total interest than the same loan amount on a 15-year term, since you're borrowing the money for twice as long. Use the calculator above to see your exact total interest.
Does making extra principal payments change my amortization schedule?
Yes. Any extra payment applied directly to principal reduces your balance immediately, which lowers the interest charged in future months and can shorten your loan term substantially, especially if made in the earlier years of the loan.
How do I find my loan balance at a specific point in time?
Enter the year you're interested in using the "Show Schedule For Year" field above, and the calculator will show your remaining balance at the end of that year, along with how much principal and interest you paid during it.
Is the amortization schedule the same for every type of loan?
The same core formula applies to mortgages, auto loans, and personal loans with a fixed rate and fixed term. Loans with variable rates or interest-only periods will have schedules that differ from the standard fully-amortizing structure shown here.
Why does my payment stay the same but the principal/interest split change?
On a fixed-rate loan, your total monthly payment is constant, but it's recalculated internally each month: interest is applied to your current balance first, and whatever is left of the payment reduces principal. As the balance shrinks, the interest portion shrinks and the principal portion grows.
Can I use this calculator for a loan I've already been paying for a few years?
Yes, enter your original loan amount, rate, and term, then select the year you want to check to see the principal, interest, and balance for that period of your existing loan.