Amortization Schedule
Generate a complete month-by-month loan repayment table
Enter values above to generate schedule
How to Use
- Enter the total loan amount.
- Enter the annual interest rate.
- Select the loan term in years or months.
- Click 'Generate Schedule' to create the full amortization table.
- The table shows how each payment is split between principal and interest.
About Amortization
What is Amortization?
Amortization is the process of paying off a loan through regular, equal payments over time. Each payment covers the monthly interest first, then the remainder reduces the principal. Early in the loan, most of the payment goes to interest. As the balance decreases, more goes to principal.
Reading the Schedule
In the first payment, interest = (loan balance × monthly rate). Principal = payment − interest. The new balance = old balance − principal paid. Over time, as the balance decreases, interest charges decrease and more of each payment goes to reducing the balance.
Front-Loaded Interest
With a standard amortizing loan, interest is front-loaded. On a 30-year mortgage, in the first year most of each payment is interest. By year 15 roughly half goes to principal. This is why refinancing early can save significantly — you restart the cycle with more interest going to the bank.
Using the Schedule for Planning
Use the amortization schedule to plan extra payments. If you pay one extra month's principal in month 1, it eliminates the payment due in month 2. Making regular extra principal payments can shorten a 30-year mortgage by 5-10 years and save tens of thousands in interest.
Key Features
- Complete month-by-month breakdown of principal, interest, and balance
- Summary totals for total payment, principal, and interest
- Expandable table: first 24 rows shown, with option to view all
- Clear visualization of how loan balance decreases over time