See a full month-by-month amortization schedule for your loan, showing exactly how much of each payment goes to principal vs. interest.
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How the Loan Amortization Calculator works
An amortization schedule breaks a loan down payment by payment, showing exactly how much of
each fixed monthly payment covers interest and how much reduces your principal balance. Because
interest is charged on whatever balance remains, the split between the two changes every single
month even though the payment itself stays constant.
Your fixed payment is found with the standard amortization formula, and each month's interest is
simply that month's starting balance multiplied by the monthly interest rate.
Whatever is left of the payment after interest is subtracted goes straight to principal, which
lowers the balance used to calculate next month's interest — and the cycle repeats until the
balance reaches zero.
Frequently asked questions
Amortization is the process of paying off a loan through fixed, regular payments over time, where each payment covers that month's interest first and applies the remainder to reducing your principal balance.
Interest is calculated on your current balance each month. As your balance goes down with every payment, the interest charged goes down too, so a larger share of your fixed payment goes toward principal as the loan progresses.
Yes. The table below lists every single monthly payment for the full loan term, showing exactly how much goes to principal, how much goes to interest, and your remaining balance after each payment.
Adding extra payments reduces your principal faster, which lowers future interest charges and shortens your payoff time. Try the Loan Calculator With Extra Payments to see a full schedule with a recurring extra payment built in.