💰 Amortization Calculator - Schedule, Extra Payments & Payoff

Loan infographics

Amortization Table Calculator: yearly summary and full schedule

The yearly summary lets you see equity build year by year without scrolling hundreds of rows; open the monthly schedule when you want every payment.

T1. Yearly amortization summary

Benefit: see equity build year by year without scrolling hundreds of rows.

How to use this calculator for loan repayment

Field by field: what to type, what the tool does with it, and where the numbers come from.

Loan amount

The principal you are borrowing, in dollars. It is the balance the schedule starts from, so do not subtract a down payment here — enter the financed amount instead.

Annual interest rate

The nominal annual rate quoted by your lender, not the APR. The periodic rate used each month is this annual rate divided by 12. If you only know the APR, ask your lender for the note rate before treating any figure as exact.

Term in years plus months

How long the loan runs. Enter years and extra months separately; 10 years and 0 months gives 120 payments, 5 years and 6 months gives 66. Entering the term in the wrong unit is the most common input mistake, so check the payment count in the results.

First payment date

The due date of payment 1. Every later row is one period after the previous one, using date-only arithmetic, so leap years and month-end dates (the 29th, 30th or 31st) are handled without time-zone drift.

Payment frequency

Monthly is the default and the standard for mortgages and most personal loans. The biweekly-equivalent option is an approximation: it models one extra monthly payment a year spread as the payment divided by 12 each month. Lenders run true biweekly programs on their own schedule, so treat this variant as an estimate only.

Extra payments

A recurring monthly amount with the payment number it starts at, a yearly amount with the month it lands in, and up to five dated one-time payments. Each extra reduces principal after the period's interest, which is how a calculator for interest on a loan shows the effect of prepaying.

Reading the results

The scheduled payment is the fixed amount due each period before extras. The total-interest line is what the loan costs in interest over its whole life, and it is the number to watch when you use this as a loan calculator for monthly payment: compare offers by total interest and by payoff date, not by payment alone. The crossover marker tells you the first payment where principal finally exceeds interest.

Copy, print and CSV

Use Copy results for a text summary, Print view for a page carrying your inputs, the assumptions, the rounding policy and the method version, and Download CSV for the full monthly rows. Nothing is uploaded and no personal identifier is stored.

What is an amortization schedule?

An amortization schedule is the ordered list of every payment on a loan, showing how each one splits between interest and principal and what balance is left afterwards. The same list is often called an amortization table.

How to read each column

Why early payments are mostly interest

Interest each period is charged on the full balance still owed. At the start the balance is at its highest, so the first payment is largely interest and only the remainder reduces the principal. Because the balance barely moves, the next period's interest is almost as large. The split shifts slowly at first, then faster: the crossover payment is the first one where principal finally exceeds interest, and the results panel reports it with its date rather than assuming a round number of years.

What a schedule leaves out

Calculating loan payments: the formula

Step 1: calculate monthly payment

The periodic rate r is the annual nominal rate divided by 12, and n is the number of payments. With the example inputs — a $250,000 loan at 6.00% for 30 years — r = 0.06 ÷ 12 = 0.005 and n = 360, so the payment rounds to $1,498.88. The panel under "Your numbers substituted" replaces those with whatever you entered.

How to calculate a loan payment: the three steps after the payment

1. Interest for the period. Opening balance × periodic rate = the interest charge for that period. It is charged first, on the whole balance still owed.
2. Principal for the period. Scheduled payment − interest = the principal repaid. Any extra payment you entered is added to principal right after this, on the payment date.
3. New balance. Opening balance − principal repaid = the balance carried into the next period. The schedule stops when the balance reaches exactly $0.00.

Rounding policy and final-payment rule

Policy (method version 1.0). Exact decimal arithmetic in cents internally. The scheduled payment is rounded half-up to the cent. Each period's interest is rounded to the cent. Extra payments are applied to principal after the period's interest on the payment date. The final payment absorbs the rounding residue and is adjusted to clear the exact remaining balance, so the last balance is always $0.00. First-period odd-days interest is not modeled. This policy is why total interest can differ by a few dollars from the naive figure of 360 × the rounded payment minus the amount borrowed.

The first three schedule rows worked by hand

Benefit: check the engine against arithmetic you can follow on paper.

Mortgage amortization calculator: using the schedule for a home loan

On a home loan the same arithmetic applies, but the schedule you see here is principal and interest only, and that distinction matters every month.

A mortgage amortization calculator shows how each monthly payment pays down the balance of the note. Your actual housing payment is usually larger: the servicer collects property tax and homeowners insurance in an escrow account, mortgage insurance (PMI) applies on many loans with less than 20% down, and HOA dues may be collected as well. Those items are added on top of principal and interest, and they vary by state and county, so they are not modeled here.

The right tool for the full picture is the Mortgage Calculator with taxes, insurance and PMI, which estimates the total monthly housing payment. Use this page for the loan itself: the split between interest and principal, the crossover payment, the effect of extra principal, and the payoff date. For a home loan, a home loan amortization calculator view like the one above makes it clear how much equity builds in a given year, which is the figure you need when comparing a 15-year and a 30-year note.

Scope reminder: escrow items, PMI, HOA, points, fees and rate changes are outside this tool. If your loan has an adjustable rate, an interest-only period or a balloon payment, this schedule does not describe it.

Comparison tables: term, rate and extra payments

T2. Loan term comparison

Benefit: compare terms by total cost as well as by payment. This loan terms calculator recalculates every row from your amount; edit any rate cell because lenders price different terms differently.

The rate in each row defaults to your main rate. Equal rates across terms are for illustration only: in the market, a 15-year note is usually priced below a 30-year note.

T3. Rate sensitivity

Benefit: see what a rate change does to the payment and to total interest before you lock an offer.

T4. Extra payment scenarios

Benefit: pick an extra amount you can actually afford and see the months and the interest it buys back.

Schedule versus your lender's statement

Benefit: know in advance which differences are expected, so a mismatch with your statement does not look like an error.

Every cell describes a convention, not a claim about any particular servicer. Ask your lender which day-count, rounding and posting rules it uses before treating a schedule as official. https://www.consumerfinance.gov/; Regulation Z at the eCFR, https://www.ecfr.gov/.)

Worked examples

All three examples are hypothetical and labeled hypothetical. They use exact decimal arithmetic with the rounding policy above.

Common mistakes and how to correct them

1. Mixing up the interest rate with the APR. The APR includes points, fees and certain closing costs, so using it as the note rate overstates the payment. Correction: enter the contract interest rate from your note; compare offers by APR separately.
2. Forgetting that escrow is not in the schedule. This tool is principal and interest only. Correction: add tax and insurance estimates with the Mortgage Calculator when you budget the real housing payment.
3. Assuming extra payments reach principal automatically. Some servicers apply extras differently unless instructed. Correction: confirm in writing that extra amounts are applied to principal and check the next statement.
4. Entering the term in the wrong unit. 30 typed into the months field instead of the years field produces one wildly wrong schedule. Correction: check the payment count in the results against the number you expect (360 for a 30-year monthly loan).
5. Treating an estimate as the lender's official schedule. Day-count and posting rules differ. Correction: ask for the servicer's disclosed accrual and rounding method before relying on any figure.
6. Ignoring rounding differences. The naive total differs from the exact total by a few dollars. Correction: read the rounding policy in the method panel and compare totals with the same policy.
7. Comparing terms by payment alone. A lower payment can cost far more in total interest. Correction: compare rows in Table T2 on total interest and payoff date as well as payment.
8. Assuming the schedule applies to any loan. Adjustable-rate, interest-only and negative-amortization loans follow different rules. Correction: confirm your loan is fixed-rate and fully amortizing, or use the lender's own disclosure.
9. Typing a comma or currency symbol the field rejects. Validation may report an invalid number. Correction: enter plain digits such as 250000; the display formats dollars for you.
10. Ignoring the biweekly approximation. The biweekly-equivalent option here spreads one extra payment a year rather than matching a servicer's program. Correction: treat that variant as an estimate and confirm the actual schedule with your lender.

Scope: supported and unsupported loan types

Result status: estimate with limitations. Nothing here is an official lender disclosure, and no rule was verified against an external source.

Frequently asked questions

Glossary (T5)

Benefit: plain definitions of the terms used in the schedule and in your loan documents.

Related calculators

• Mortgage Calculator with taxes, insurance and PMI — the full housing payment, principal and interest plus escrow items.
• Personal Loan Calculator — monthly payment, total interest and payoff for a personal loan.
• Credit Card Payoff Calculator — how long a revolving balance takes to clear and what it costs.
• Paycheck Calculator — estimate take-home pay to see what you can apply toward extra principal.

These are the related calculators published on this platform; each opens the live page.

Official references

The items below are the official starting points a reader can consult.

• Consumer Financial Protection Bureau — consumer tools: https://www.consumerfinance.gov/consumer-tools/ (starting point).
• Consumer Financial Protection Bureau — main site: https://www.consumerfinance.gov/ (starting point).
• Regulation Z, Truth in Lending, 12 CFR Part 1026, via the Electronic Code of Federal Regulations: https://www.ecfr.gov/ (starting point).
• United States Code: https://uscode.house.gov/ (starting point).

Last checked: not verified. Any figure a lender discloses in its own schedule takes precedence over this estimate.

Limitations, assumptions and exclusions

• Assumption: fixed nominal rate, equal payments, no fees, no prepayment penalty modeled, no odd-days interest for the first period.
• Assumption: monthly periodic rate = annual rate ÷ 12; 30/360-style monthly basis; date-only arithmetic.
• Exclusion: escrow, property tax, insurance, PMI, HOA, points, origination and late fees.
• Exclusion: adjustable rates, interest-only periods, negative amortization, balloon payments, precomputed simple-interest loans.
• Exclusion: APR disclosure calculations and any tax treatment of interest.
• Limitation: lender conventions for accrual, rounding and posting can shift figures; the output is an estimate, not a disclosure.
• Limitation: every lender-specific convention is disclosed as an assumption rather than cited as verified.

Changelog

• 1.0 — 2026-10-18: first release. Monthly and biweekly-equivalent schedules, extra-payment simulator, four comparison tables, four infographics, CSV, copy and print.

Corrections and editorial contact

If you spot an arithmetic or wording error on this page, use the correction channel on the page or site footer to report it; corrections are logged in the changelog above with the date they were applied.

Summary

An amortization schedule makes the split between interest and principal visible for every payment of a fixed-rate loan. Enter your amount, rate, term and first payment date above to generate the schedule, see the crossover payment, compare terms and rates in Tables T2 and T3, and test extra payments in Table T4. The page is principal and interest only and returns an estimate with the rounding policy stated.

When you want the full housing payment, open the Mortgage Calculator with taxes, insurance and PMI. To see how quickly a balance clears under different extra amounts, try the Credit Card Payoff Calculator, or print the schedule for your files. No account, no lead form, nothing stored.