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Amortization Schedule Calculator
See your monthly payment, a full breakdown of principal and interest for every payment, and how the balance falls over time. Enter your loan details and press Calculate.
Written by TopicDrill Editorial Team·Updated June 2026
Remaining balance over time
Payment schedule
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
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How an amortization schedule works
An amortizing loan is repaid with a level payment each period. Part of that payment is the interest owed on the current balance, and the rest reduces the principal. Because the balance falls over time, the interest portion shrinks while the principal portion grows, even though the total payment stays the same.
The schedule above lists every payment with its principal and interest split and the balance that remains. The chart shows that balance curving down, slowly at first and faster near the end, which is the hallmark of amortization.
A quick example
Borrow $250,000 at 6.5% over 30 years and your payment is about $1,580 a month. In the first payment roughly $1,355 is interest and only $225 is principal. By the final year that flips, with almost the whole payment going to principal.
Using the schedule wisely
The table makes it easy to see how much interest you pay in early years and how extra payments could help. For official guidance on comparing loans, see the Consumer Financial Protection Bureau. You can also model a home loan with our mortgage calculator.
Frequently asked questions
What is loan amortization?
Amortization is the process of paying off a loan with equal payments over a set term. Each payment covers the interest due that month plus a slice of the principal, so the balance falls steadily until it reaches zero.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. So early payments are mostly interest with a small principal portion. As the balance shrinks, the interest share falls and more of each payment goes to principal.
How is the monthly payment calculated?
It uses the standard formula M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the total number of payments. This produces a level payment that fully clears the loan by the end of the term.
Does making extra payments change the schedule?
Yes. Any amount above the scheduled payment goes straight to principal, which lowers the balance faster than planned. That shortens the term and reduces the total interest you pay over the life of the loan.
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