Amortization Schedule Calculator
Generate a fixed-rate amortization schedule to see how each monthly payment splits between principal and interest over the life of a loan. This educational view helps you compare terms and rates before you talk to a lender — it is not a loan offer or personalized advice.
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Results
Monthly payment
$1,580.17
Total interest
$318,861.22
Total paid
$568,861.22
Payments
360
Remaining balance over time
Educational chart from your inputs — not a lender quote.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
Showing the first 12 months of 360 payments.
How to use this calculator
- Enter the numbers for your scenario.
- Review the calculated results and any table or chart.
- Compare another scenario — results are educational only.
Details
Enter your loan amount, annual interest rate, and term in years. The calculator uses the standard amortization formula where the monthly payment stays fixed while the interest portion declines over time.
Review the monthly payment, total interest, and the first year of the schedule. Early payments are interest-heavy; later payments apply more to principal.
Use this table to compare loan offers, plan extra principal payments, or understand how rate changes affect lifetime borrowing costs.
Amortization is the process of paying off debt in equal installments while the interest component shrinks each period. Because interest accrues on the remaining balance, the first several years of a mortgage or long-term loan can feel slow even though you are making full payments on time.
When comparing a 15-year and 30-year option, a shorter term raises the monthly payment but dramatically lowers total interest. Running both scenarios here helps you see whether the higher payment fits your budget while still meeting savings goals.
If you plan to make extra principal payments, the published schedule shows the baseline contract path. Additional principal reduces future interest and can shorten the payoff timeline, but this tool does not model optional prepayments unless you adjust the term or principal manually.
Remember that lender quotes may exclude property taxes, homeowners insurance, HOA dues, and mortgage insurance. Those costs affect your housing budget but are not part of the core principal-and-interest amortization math shown in this table.
FAQ
What formula does an amortization schedule use?
Fixed-rate loans typically use M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly rate, and n is the number of payments.
Why does interest drop over time?
Interest is calculated on the remaining balance. As principal is paid down each month, the interest portion of the fixed payment gets smaller.
Does this include taxes or insurance?
No. This schedule covers principal and interest only. Escrow for taxes and insurance would be added separately on a mortgage bill.
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Educational estimate only. Not financial advice.