📉 Amortization Schedule Calculator
See your monthly payment and a full month-by-month schedule showing how each payment splits between principal and interest.
Amortization table
How to use
- Choose a currency, then enter the loan amount, annual interest rate and term in months (360 = 30 years).
- Add an interest-only period if your loan has one; otherwise leave it at 0.
- Pick the repayment method. Amortized keeps the payment fixed, and equal principal starts higher and goes down every month.
- Scroll down for the full amortization table. Every 12th payment (each year-end) is highlighted. Use Copy CSV to paste the schedule into Excel or Google Sheets.
What is an amortization schedule?
Amortization means paying off a loan in regular installments. With a fixed-payment loan, the payment amount stays the same, but its makeup changes: interest is charged on the remaining balance, so early payments are mostly interest and late payments are mostly principal. That's why the "balance falls below half" payment comes much later than the halfway point of the term. On a 30-year loan at 6.5%, it takes about 21 to 22 years.
Formula
- Monthly payment:
M = P × r × (1 + r)n ÷ ((1 + r)n − 1), with r = annual rate ÷ 12 and n = number of payments. - Interest for a month:
balance × r - Principal for a month:
M − interest, and the new balance = old balance − principal.
Amortized vs. equal principal ($300,000, 6.5%, 30 years)
| Method | First payment | Last payment | Total interest |
|---|---|---|---|
| Amortized | $1,896.20 | $1,900.91 | $382,636.71 |
| Equal principal | $2,458.33 | $839.05 | $293,313.66 |
Equal principal saves about $89,000 in interest here, but the first payment is roughly $560 higher.
Tips
- Use the schedule to see how much principal you'd still owe if you sell or refinance after 5 or 7 years.
- An extra payment early in the schedule cuts more interest than the same payment late in the schedule.
- To compare amortized, equal principal and interest-only side by side, use the loan payment calculator.
This is a simple monthly calculation. Actual lender schedules can differ slightly because of daily interest, rate changes, payment dates and prepayments. Escrow (taxes, insurance) is not included.