Amortization Calculator
Generate a full month-by-month amortization schedule showing principal, interest, and remaining balance. See how extra payments save you time and money.
Quick Answer
A $250,000 mortgage at 6.5% for 30 years has a monthly payment of $1,580. Over the life of the loan, you will pay $319,000 in interest — more than the original loan. Adding just $200/month extra cuts 7 years off the loan and saves over $90,000 in interest.
Loan Details
Standard Payments
Interest vs. Principal Over Time
Amortization 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 | $248,392.03 |
| 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 | $247,684.08 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
| 13 | $1,580.17 | $241.14 | $1,339.03 | $246,964.55 |
| 14 | $1,580.17 | $242.45 | $1,337.72 | $246,722.10 |
| 15 | $1,580.17 | $243.76 | $1,336.41 | $246,478.34 |
| 16 | $1,580.17 | $245.08 | $1,335.09 | $246,233.26 |
| 17 | $1,580.17 | $246.41 | $1,333.76 | $245,986.85 |
| 18 | $1,580.17 | $247.74 | $1,332.43 | $245,739.11 |
| 19 | $1,580.17 | $249.08 | $1,331.09 | $245,490.03 |
| 20 | $1,580.17 | $250.43 | $1,329.74 | $245,239.60 |
| 21 | $1,580.17 | $251.79 | $1,328.38 | $244,987.81 |
| 22 | $1,580.17 | $253.15 | $1,327.02 | $244,734.66 |
| 23 | $1,580.17 | $254.52 | $1,325.65 | $244,480.14 |
| 24 | $1,580.17 | $255.90 | $1,324.27 | $244,224.24 |
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About This Tool
The Amortization Calculator generates a complete month-by-month payment schedule for any fixed-rate loan. Enter your loan amount, interest rate, term, and optional extra monthly payment to see exactly how each dollar is split between principal and interest. The printable schedule makes it easy to track your payoff progress.
What Is Amortization?
Amortization is the process of spreading a loan into a series of fixed payments over time. Each payment covers both interest and principal. In the early years of a mortgage, the majority of each payment goes toward interest. As the principal decreases, more of each payment goes toward paying down the loan. This is why extra payments in the early years have the biggest impact on total interest savings.
How Extra Payments Work
Extra payments go directly toward reducing your principal balance. This means less interest accrues in future months, creating a compounding savings effect. On a $250,000 mortgage at 6.5% for 30 years, paying just $200 extra per month saves over $90,000 in interest and pays off the loan 7 years early. Even irregular extra payments (like applying a tax refund once a year) can save tens of thousands.
Mortgage vs. Other Loan Amortization
While this calculator is most commonly used for mortgages, the same amortization math applies to any fixed-rate installment loan — auto loans, personal loans, student loans, and more. Simply enter the loan details and the calculator generates the appropriate schedule. Variable-rate loans are not accurately represented since this tool assumes a fixed interest rate throughout the term.
Reading Your Amortization Schedule
The schedule shows each monthly payment broken into principal (reduces what you owe) and interest (the lender's profit). The balance column shows your remaining loan amount after each payment. Watch how the interest portion shrinks over time while the principal portion grows. This "crossover point" typically happens around the midpoint of your loan term, and it is where your equity growth accelerates.
Frequently Asked Questions
How is the monthly payment calculated?
Why is so much of my early payment going to interest?
Are extra payments applied to principal or interest?
Can I use this for an auto loan or personal loan?
Does this account for property taxes and insurance?
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