Amortization Calculator
Generate a loan amortization schedule that shows how every payment breaks down into principal and interest, how your balance declines, and your estimated payoff date. Add an extra monthly payment to see how quickly you may reduce total interest.
Last updated: January 2026
An amortization table is one of the fastest ways to understand your loan. It turns a single monthly payment into a clear schedule showing what you pay each month, what goes to interest, and how much principal you’re actually reducing, especially early in the loan.
- A full month-by-month amortization schedule
- Total interest and total principal + interest paid
- Estimated payoff month and the impact of extra payments
- A quick preview of your first 12 months
Want an all-in monthly estimate (P&I + taxes + insurance + HOA)? Use our mortgage calculator to include escrow and housing costs.
Amortization Inputs
We show a principal + interest amortization schedule. Taxes, insurance, HOA, and mortgage insurance are not included here.
Results
Planning estimate. Your lender’s schedule may differ due to rounding and payment timing.
First 12 months (quick preview)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Jan 2026 | $2,075.51 | $275.51 | $1,800.00 | $319,724.49 |
| Feb 2026 | $2,075.51 | $277.06 | $1,798.45 | $319,447.42 |
| Mar 2026 | $2,075.51 | $278.62 | $1,796.89 | $319,168.80 |
| Apr 2026 | $2,075.51 | $280.19 | $1,795.32 | $318,888.61 |
| May 2026 | $2,075.51 | $281.77 | $1,793.75 | $318,606.85 |
| Jun 2026 | $2,075.51 | $283.35 | $1,792.16 | $318,323.49 |
| Jul 2026 | $2,075.51 | $284.94 | $1,790.57 | $318,038.55 |
| Aug 2026 | $2,075.51 | $286.55 | $1,788.97 | $317,752.00 |
| Sep 2026 | $2,075.51 | $288.16 | $1,787.36 | $317,463.84 |
| Oct 2026 | $2,075.51 | $289.78 | $1,785.73 | $317,174.06 |
| Nov 2026 | $2,075.51 | $291.41 | $1,784.10 | $316,882.66 |
| Dec 2026 | $2,075.51 | $293.05 | $1,782.46 | $316,589.61 |
Amortization schedule
Full month-by-month breakdown of payment, principal, interest, and remaining balance.
| # | Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jan 2026 | $2,075.51 | $275.51 | $1,800.00 | $319,724.49 |
| 2 | Feb 2026 | $2,075.51 | $277.06 | $1,798.45 | $319,447.42 |
| 3 | Mar 2026 | $2,075.51 | $278.62 | $1,796.89 | $319,168.80 |
| 4 | Apr 2026 | $2,075.51 | $280.19 | $1,795.32 | $318,888.61 |
| 5 | May 2026 | $2,075.51 | $281.77 | $1,793.75 | $318,606.85 |
| 6 | Jun 2026 | $2,075.51 | $283.35 | $1,792.16 | $318,323.49 |
| 7 | Jul 2026 | $2,075.51 | $284.94 | $1,790.57 | $318,038.55 |
| 8 | Aug 2026 | $2,075.51 | $286.55 | $1,788.97 | $317,752.00 |
| 9 | Sep 2026 | $2,075.51 | $288.16 | $1,787.36 | $317,463.84 |
| 10 | Oct 2026 | $2,075.51 | $289.78 | $1,785.73 | $317,174.06 |
| 11 | Nov 2026 | $2,075.51 | $291.41 | $1,784.10 | $316,882.66 |
| 12 | Dec 2026 | $2,075.51 | $293.05 | $1,782.46 | $316,589.61 |
| 13 | Jan 2027 | $2,075.51 | $294.70 | $1,780.82 | $316,294.91 |
| 14 | Feb 2027 | $2,075.51 | $296.36 | $1,779.16 | $315,998.55 |
| 15 | Mar 2027 | $2,075.51 | $298.02 | $1,777.49 | $315,700.53 |
| 16 | Apr 2027 | $2,075.51 | $299.70 | $1,775.82 | $315,400.83 |
| 17 | May 2027 | $2,075.51 | $301.38 | $1,774.13 | $315,099.45 |
| 18 | Jun 2027 | $2,075.51 | $303.08 | $1,772.43 | $314,796.37 |
| 19 | Jul 2027 | $2,075.51 | $304.78 | $1,770.73 | $314,491.59 |
| 20 | Aug 2027 | $2,075.51 | $306.50 | $1,769.02 | $314,185.09 |
| 21 | Sep 2027 | $2,075.51 | $308.22 | $1,767.29 | $313,876.86 |
| 22 | Oct 2027 | $2,075.51 | $309.96 | $1,765.56 | $313,566.91 |
| 23 | Nov 2027 | $2,075.51 | $311.70 | $1,763.81 | $313,255.21 |
| 24 | Dec 2027 | $2,075.51 | $313.45 | $1,762.06 | $312,941.75 |
How to read an amortization schedule
An amortization schedule (also called an amortization table) shows the same payment broken into two parts each month: interest and principal. Interest is the cost of borrowing for that month; principal is what reduces your loan balance.
- Interest is highest because the balance is highest.
- Principal starts smaller, then grows over time.
- Extra payments have the biggest impact early.
- Monthly payment (P&I) for budget fit
- Total interest paid over the life of the loan
- Payoff date and number of payments
How amortization works (payment math)
Most mortgages are fully amortizing loans, meaning your payment is set so the balance reaches zero by the end of the term. Each month: interest is calculated on the current balance, then the rest of the payment reduces principal.
Interest ≈ (Balance) × (Annual rate ÷ 12)
Some lenders use daily interest or specific rounding rules, which can create small differences.
Principal = Payment − Interest
Early in the loan, interest is larger, so principal is smaller.
New balance = Old balance − Principal
Extra payments usually apply to principal, reducing the balance faster.
Use the note rate (the rate used to compute interest), not APR. APR can be higher because it may include certain fees.
Examples: what an amortization table can tell you
A 30-year loan often has a lower payment, but the schedule shows a longer runway of interest costs. Use the total interest line to understand the long-term tradeoff.
If your budget allows it, small extra payments can meaningfully reduce total interest and shorten the payoff timeline, especially when added early.
A 15-year loan usually has a higher monthly payment but can cut total interest substantially. The schedule makes the difference visible month by month.
If you’re deciding on a home budget before comparing loan terms, our affordability calculator can help you estimate a realistic target payment first.
Next steps for smarter loan decisions
An amortization schedule is most useful when you pair it with the basics: rate, term, down payment, and the costs that often sit outside P&I. If you want a quick refresher on the core concepts, read our mortgage fundamentals.
Planning estimate only. We’re not a lender or financial advisor. Always confirm payment details with your lender and loan documents.
Amortization FAQs
What is an amortization schedule?
An amortization schedule is a month-by-month table that shows how each payment is split between interest and principal, and how the loan balance declines over time.
Why do early payments have more interest than principal?
Because interest is calculated on the remaining balance. Early in the loan, the balance is highest, so the interest portion is larger. As the balance falls, interest charges shrink and more of each payment goes to principal.
Does this amortization calculator include taxes and insurance?
No. This page focuses on principal and interest (P&I). Property taxes, homeowners insurance, HOA dues, and mortgage insurance are usually added separately as escrow or monthly fees.
Is the interest rate APR or note rate?
Use the note rate (the rate used to calculate interest on the loan balance). APR can be higher because it may reflect certain fees and closing costs.
How do extra payments reduce total interest?
Extra payments reduce principal faster. With a smaller balance, less interest accrues over time, which can shorten the payoff timeline and reduce total interest paid.
Why might my lender’s schedule differ from this one?
Differences can come from rounding rules, payment timing, interest calculation conventions, escrow items, or how extra payments are applied. This calculator is a planning estimate; confirm details with your loan documents.
What do the columns in an amortization table mean?
Payment is what you pay that month; interest is the finance charge for the month; principal is the portion that reduces your loan; balance is what remains after principal is applied.
Do biweekly payments change amortization?
Often, yes. Many biweekly plans result in the equivalent of one extra monthly payment per year, which can reduce total interest and shorten the loan term depending on how your servicer applies the payments.