Loan Amortization Schedule Calculator
See every payment on a loan: interest, principal and balance.
Good to know. Early on, most of each payment is interest. The loan itself shrinks slowly, then quickly.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
Each month, interest is charged on the remaining balance. The rest of the fixed payment reduces the balance. Repeat until the balance reaches zero.
The formula
interest = balance × (annual rate ÷ 12) principal = payment − interest new balance = balance − principal
Worked example
A 20,000 loan at 7% over 5 years costs 396.02 a month. The first payment is 116.67 interest and 279.35 principal. By the last year, almost all of each payment goes to the principal.
Sources
- Brealey, Myers and Allen, Principles of Corporate Finance, chapter 2 The standard formulas for loan payments, compounding and present value, the same as a spreadsheet’s PMT and FV.
Sources checked September 29, 2026. 5 automated tests check its answers on every change.
About the loan amortization schedule calculator
An amortization schedule shows exactly where each loan payment goes. Your monthly payment stays the same, but its make-up changes over time. At the start, the balance is high, so a large part of each payment is interest. As the balance falls, the interest part shrinks and more of your money goes to paying off the loan.
This is why paying extra early in a loan saves so much. Every extra amount goes straight to the principal, which lowers the interest charged in every month that follows. On a mortgage, overpaying in the first few years can cut years off the term.
The schedule is also useful for checking statements from your lender, for knowing how much you will still owe if you sell a house or car after a few years, and for understanding how much interest you pay each year.
Switch to the monthly view for the full detail, or the yearly view for an overview. This calculator assumes a fixed rate, payments at the end of each month and no fees. Lenders may round each payment slightly differently, so their figures can differ by a few cents.
Questions people ask
What is an amortization schedule?
A table showing each loan payment split into interest and principal, and the balance remaining after each payment.
Why is so much of my early payment interest?
Interest is charged on the remaining balance, which is highest at the start. As you pay the loan down, the interest part gets smaller.
Does paying extra early help?
Yes. Extra payments reduce the principal directly, so every later month is charged less interest. Check your loan allows overpayments first.