Loan Amortization Calculator
See every payment of your loan — how much goes to interest, how much to principal, and what is left on the balance — plus what a small extra payment each month saves you in interest and time.
How this calculator works
Each monthly payment is split by the amortization formula: the interest portion is the current balance times the monthly rate, and the rest pays down principal. Early payments are mostly interest, so the balance falls slowly at first. Adding an extra principal payment each month pays down the loan faster and skips the compounding interest on the chunk you paid early — the schedule below shows it month by month.
Frequently asked questions
Why is the early schedule mostly interest?
Interest is charged on the remaining balance, which is largest at the start. On a 30-year mortgage at 6%, the first payment is roughly two-thirds interest and one-third principal — the split flips only around year 18. That is why paying extra early has an outsized effect.
Is an extra payment always worth it?
If your loan rate is higher than what you could earn risk-free after tax, yes — paying extra is a guaranteed return equal to your rate. But if you have high-interest credit card debt, pay that first, and keep an emergency fund so you never need to borrow at card rates because your cash is locked in a house.
What is an amortization schedule?
A table listing every payment of a fixed-rate loan: the payment number, how much went to principal, how much to interest, and the remaining balance. Lenders must provide one for mortgages; this calculator generates it instantly for any loan.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.