Amortization Calculator
Build a full amortization schedule for any fixed-rate mortgage or loan and see exactly how each payment is split between interest and principal.
Monthly payment
$1,896.20
- Total interest
- $382,633
- Total paid
- $682,633
- Payments
- 360
- Interest share
- 56.1%
Balance and yearly split
Amortization schedule
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $22,754 | $3,353 | $19,401 | $296,647 |
| 2 | $22,754 | $3,578 | $19,177 | $293,069 |
| 3 | $22,754 | $3,817 | $18,937 | $289,252 |
| 4 | $22,754 | $4,073 | $18,681 | $285,179 |
| 5 | $22,754 | $4,346 | $18,409 | $280,833 |
| 6 | $22,754 | $4,637 | $18,118 | $276,196 |
| 7 | $22,754 | $4,947 | $17,807 | $271,249 |
| 8 | $22,754 | $5,279 | $17,476 | $265,970 |
| 9 | $22,754 | $5,632 | $17,122 | $260,338 |
| 10 | $22,754 | $6,009 | $16,745 | $254,328 |
| 11 | $22,754 | $6,412 | $16,343 | $247,916 |
| 12 | $22,754 | $6,841 | $15,913 | $241,075 |
| 13 | $22,754 | $7,299 | $15,455 | $233,776 |
| 14 | $22,754 | $7,788 | $14,966 | $225,987 |
| 15 | $22,754 | $8,310 | $14,445 | $217,677 |
| 16 | $22,754 | $8,866 | $13,888 | $208,811 |
| 17 | $22,754 | $9,460 | $13,294 | $199,351 |
| 18 | $22,754 | $10,094 | $12,661 | $189,257 |
| 19 | $22,754 | $10,770 | $11,985 | $178,487 |
| 20 | $22,754 | $11,491 | $11,263 | $166,996 |
| 21 | $22,754 | $12,261 | $10,494 | $154,735 |
| 22 | $22,754 | $13,082 | $9,673 | $141,653 |
| 23 | $22,754 | $13,958 | $8,797 | $127,695 |
| 24 | $22,754 | $14,893 | $7,862 | $112,803 |
| 25 | $22,754 | $15,890 | $6,864 | $96,912 |
| 26 | $22,754 | $16,954 | $5,800 | $79,958 |
| 27 | $22,754 | $18,090 | $4,665 | $61,868 |
| 28 | $22,754 | $19,301 | $3,453 | $42,567 |
| 29 | $22,754 | $20,594 | $2,161 | $21,973 |
| 30 | $22,754 | $21,973 | $781 | $0 |
Same payment, shifting split
Drag through the life of the loan. The payment never changes, but the interest inside it is always the balance times 0.542%, so it shrinks as the balance does.
Balance before this payment: $300,000.00.
× monthly rate 0.5417% = $1,625.00 interest.
The rest of the $1,896.20 payment, $271.20, reduces the balance.
Principal first outweighs interest at payment 233, about 19.4 years in.
Reading an amortization schedule
Each row is one payment. Interest is last month’s balance multiplied by the monthly rate; principal is whatever is left of the payment; balance is the old balance minus that principal. Switch to the yearly view to see totals for tax records: mortgage interest is reported to you each year on IRS Form 1098.
Interestk = Balancek−1 × r · Principalk = M − Interestk
Why the curve bends
The monthly payment M is fixed by the formula M = P·r(1+r)n/((1+r)n−1). Principal repaid grows by a factor of (1 + r) every month, which is why the teal bars in the chart widen slowly and then quickly. The same compounding that makes savings snowball is working in reverse here.
Frequently asked questions
What is amortization?
Amortization is paying off a debt with equal, regular payments that cover that month’s interest plus a slice of principal. Because interest is charged on the remaining balance, early payments are mostly interest and later payments are mostly principal, even though the payment never changes.
Why do I pay so much interest at the start of a loan?
Interest each month equals the balance × the monthly rate. The balance is largest at the beginning, so the interest portion is largest then. As principal is repaid, the interest portion shrinks and more of the same payment goes to principal.
Can I download the amortization schedule?
Yes. Use the Download CSV button above the table to save every month’s payment, principal, interest and remaining balance. It opens in Excel, Google Sheets or Numbers.
Does this work for car loans and personal loans?
Yes. Any fixed-rate loan with equal monthly payments amortizes the same way. Enter the term in years; for a 5-year car loan enter 5, or 4.5 for 54 months.
What happens if I pay extra toward principal?
Extra principal reduces the balance immediately, so every later month accrues less interest. The payment stays the same but the loan ends sooner. Enter an extra monthly amount to see the shorter schedule.