Amortization Calculator
See the full amortization schedule for any loan.
Monthly payment
$1,580.17
Total interest
$318,861.22
Payoff
360 mo
Interest saved
$0.00
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,794.31 | $16,167.73 | $247,205.69 |
| 2 | $2,981.45 | $15,980.59 | $244,224.23 |
| 3 | $3,181.13 | $15,780.91 | $241,043.10 |
| 4 | $3,394.17 | $15,567.87 | $237,648.93 |
| 5 | $3,621.49 | $15,340.55 | $234,027.44 |
| 6 | $3,864.03 | $15,098.02 | $230,163.42 |
| 7 | $4,122.81 | $14,839.23 | $226,040.61 |
| 8 | $4,398.92 | $14,563.12 | $221,641.69 |
| 9 | $4,693.52 | $14,268.52 | $216,948.17 |
| 10 | $5,007.86 | $13,954.18 | $211,940.32 |
| 11 | $5,343.24 | $13,618.80 | $206,597.07 |
| 12 | $5,701.09 | $13,260.95 | $200,895.99 |
| 13 | $6,082.90 | $12,879.14 | $194,813.09 |
| 14 | $6,490.28 | $12,471.76 | $188,322.80 |
| 15 | $6,924.95 | $12,037.09 | $181,397.85 |
| 16 | $7,388.73 | $11,573.31 | $174,009.13 |
| 17 | $7,883.56 | $11,078.48 | $166,125.56 |
| 18 | $8,411.54 | $10,550.50 | $157,714.02 |
| 19 | $8,974.88 | $9,987.16 | $148,739.15 |
| 20 | $9,575.94 | $9,386.10 | $139,163.21 |
| 21 | $10,217.26 | $8,744.78 | $128,945.95 |
| 22 | $10,901.53 | $8,060.51 | $118,044.42 |
| 23 | $11,631.62 | $7,330.42 | $106,412.80 |
| 24 | $12,410.61 | $6,551.43 | $94,002.18 |
| 25 | $13,241.78 | $5,720.26 | $80,760.41 |
| 26 | $14,128.60 | $4,833.44 | $66,631.80 |
| 27 | $15,074.82 | $3,887.22 | $51,556.98 |
| 28 | $16,084.41 | $2,877.63 | $35,472.57 |
| 29 | $17,161.61 | $1,800.43 | $18,310.96 |
| 30 | $18,310.96 | $651.08 | $0.00 |
What is the Amortization Calculator?
An amortization calculator shows how each payment on a fixed-rate loan splits between interest and principal over time, and the full payoff schedule.
How the calculation works
Each month, interest is charged on the remaining balance and the rest of the fixed payment reduces principal. Early payments are mostly interest; later payments are mostly principal. Extra payments go straight to principal.
Example
A $250,000 loan at 6.5% over 30 years has a ~$1,580 monthly payment. Adding $300/month extra can shorten the loan by years and save tens of thousands in interest.
Tips
- Extra payments early in the loan save the most interest.
- Check whether your loan has prepayment penalties.
- Use the schedule to see when you cross from mostly-interest to mostly-principal.
Limitations
Assumes a fixed rate and consistent payments. It does not model variable rates, fees, or escrow.
Frequently asked questions
What is loan amortization?
Amortization is the process of paying off a loan with regular payments where the interest/principal split changes over time.
Why is early interest so high?
Interest is charged on the outstanding balance, which is largest at the start — so early payments are mostly interest.
How do extra payments help?
Extra payments reduce principal directly, lowering future interest and shortening the term.
What is an amortization schedule?
A table showing each payment's interest, principal, and remaining balance until the loan is paid off.
Does this work for any fixed loan?
Yes — mortgages, auto loans, and personal loans all amortize the same way.
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Reviewed for the 2025 tax year
See our methodology, data sources, and editorial policy. Educational use only — not financial, tax, or investment advice (disclaimer).