Amortization Calculator
Generate a full month-by-month amortization schedule for any fixed-rate loan. See exactly how much goes to interest vs. principal with every payment.
Monthly Payment
$1,995.91
Total Principal
$300,000
Total Interest
$418,527
Total Cost
$718,527
On a $300,000 loan at 7% over 30 years, you will pay $418,527 in interest — that is 140% of the original loan amount on top of principal. Your interest-to-principal ratio flips around year —, when your cumulative principal paid finally exceeds cumulative interest paid.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,995.91 | $245.91 | $1,750.00 | $299,754 |
| 2 | $1,995.91 | $247.34 | $1,748.57 | $299,507 |
| 3 | $1,995.91 | $248.78 | $1,747.12 | $299,258 |
| 4 | $1,995.91 | $250.24 | $1,745.67 | $299,008 |
| 5 | $1,995.91 | $251.70 | $1,744.21 | $298,756 |
| 6 | $1,995.91 | $253.16 | $1,742.74 | $298,503 |
| 7 | $1,995.91 | $254.64 | $1,741.27 | $298,248 |
| 8 | $1,995.91 | $256.13 | $1,739.78 | $297,992 |
| 9 | $1,995.91 | $257.62 | $1,738.29 | $297,734 |
| 10 | $1,995.91 | $259.12 | $1,736.78 | $297,475 |
| 11 | $1,995.91 | $260.63 | $1,735.27 | $297,215 |
| 12 | $1,995.91 | $262.15 | $1,733.75 | $296,953 |
| 13 | $1,995.91 | $263.68 | $1,732.22 | $296,689 |
| 14 | $1,995.91 | $265.22 | $1,730.69 | $296,424 |
| 15 | $1,995.91 | $266.77 | $1,729.14 | $296,157 |
| 16 | $1,995.91 | $268.33 | $1,727.58 | $295,889 |
| 17 | $1,995.91 | $269.89 | $1,726.02 | $295,619 |
| 18 | $1,995.91 | $271.47 | $1,724.44 | $295,347 |
| 19 | $1,995.91 | $273.05 | $1,722.86 | $295,074 |
| 20 | $1,995.91 | $274.64 | $1,721.27 | $294,800 |
| 21 | $1,995.91 | $276.24 | $1,719.66 | $294,523 |
| 22 | $1,995.91 | $277.86 | $1,718.05 | $294,245 |
| 23 | $1,995.91 | $279.48 | $1,716.43 | $293,966 |
| 24 | $1,995.91 | $281.11 | $1,714.80 | $293,685 |
| 25 | $1,995.91 | $282.75 | $1,713.16 | $293,402 |
| 26 | $1,995.91 | $284.40 | $1,711.51 | $293,118 |
| 27 | $1,995.91 | $286.05 | $1,709.85 | $292,832 |
| 28 | $1,995.91 | $287.72 | $1,708.18 | $292,544 |
| 29 | $1,995.91 | $289.40 | $1,706.51 | $292,255 |
| 30 | $1,995.91 | $291.09 | $1,704.82 | $291,963 |
| 31 | $1,995.91 | $292.79 | $1,703.12 | $291,671 |
| 32 | $1,995.91 | $294.50 | $1,701.41 | $291,376 |
| 33 | $1,995.91 | $296.21 | $1,699.69 | $291,080 |
| 34 | $1,995.91 | $297.94 | $1,697.97 | $290,782 |
| 35 | $1,995.91 | $299.68 | $1,696.23 | $290,482 |
| 36 | $1,995.91 | $301.43 | $1,694.48 | $290,181 |
| 37 | $1,995.91 | $303.19 | $1,692.72 | $289,878 |
| 38 | $1,995.91 | $304.95 | $1,690.95 | $289,573 |
| 39 | $1,995.91 | $306.73 | $1,689.17 | $289,266 |
| 40 | $1,995.91 | $308.52 | $1,687.39 | $288,957 |
| 41 | $1,995.91 | $310.32 | $1,685.59 | $288,647 |
| 42 | $1,995.91 | $312.13 | $1,683.78 | $288,335 |
| 43 | $1,995.91 | $313.95 | $1,681.95 | $288,021 |
| 44 | $1,995.91 | $315.78 | $1,680.12 | $287,705 |
| 45 | $1,995.91 | $317.63 | $1,678.28 | $287,388 |
| 46 | $1,995.91 | $319.48 | $1,676.43 | $287,068 |
| 47 | $1,995.91 | $321.34 | $1,674.56 | $286,747 |
| 48 | $1,995.91 | $323.22 | $1,672.69 | $286,424 |
| 49 | $1,995.91 | $325.10 | $1,670.80 | $286,099 |
| 50 | $1,995.91 | $327.00 | $1,668.91 | $285,772 |
| 51 | $1,995.91 | $328.91 | $1,667.00 | $285,443 |
| 52 | $1,995.91 | $330.83 | $1,665.08 | $285,112 |
| 53 | $1,995.91 | $332.76 | $1,663.15 | $284,779 |
| 54 | $1,995.91 | $334.70 | $1,661.21 | $284,444 |
| 55 | $1,995.91 | $336.65 | $1,659.26 | $284,108 |
| 56 | $1,995.91 | $338.61 | $1,657.29 | $283,769 |
| 57 | $1,995.91 | $340.59 | $1,655.32 | $283,428 |
| 58 | $1,995.91 | $342.57 | $1,653.33 | $283,086 |
| 59 | $1,995.91 | $344.57 | $1,651.33 | $282,741 |
| 60 | $1,995.91 | $346.58 | $1,649.32 | $282,395 |
| 61 | $1,995.91 | $348.60 | $1,647.30 | $282,046 |
| 62 | $1,995.91 | $350.64 | $1,645.27 | $281,696 |
| 63 | $1,995.91 | $352.68 | $1,643.22 | $281,343 |
| 64 | $1,995.91 | $354.74 | $1,641.17 | $280,988 |
| 65 | $1,995.91 | $356.81 | $1,639.10 | $280,631 |
| 66 | $1,995.91 | $358.89 | $1,637.02 | $280,272 |
| 67 | $1,995.91 | $360.99 | $1,634.92 | $279,911 |
| 68 | $1,995.91 | $363.09 | $1,632.82 | $279,548 |
| 69 | $1,995.91 | $365.21 | $1,630.70 | $279,183 |
| 70 | $1,995.91 | $367.34 | $1,628.57 | $278,816 |
| 71 | $1,995.91 | $369.48 | $1,626.43 | $278,446 |
| 72 | $1,995.91 | $371.64 | $1,624.27 | $278,075 |
| 73 | $1,995.91 | $373.81 | $1,622.10 | $277,701 |
| 74 | $1,995.91 | $375.99 | $1,619.92 | $277,325 |
| 75 | $1,995.91 | $378.18 | $1,617.73 | $276,947 |
| 76 | $1,995.91 | $380.39 | $1,615.52 | $276,566 |
| 77 | $1,995.91 | $382.60 | $1,613.30 | $276,184 |
| 78 | $1,995.91 | $384.84 | $1,611.07 | $275,799 |
| 79 | $1,995.91 | $387.08 | $1,608.83 | $275,412 |
| 80 | $1,995.91 | $389.34 | $1,606.57 | $275,022 |
| 81 | $1,995.91 | $391.61 | $1,604.30 | $274,631 |
| 82 | $1,995.91 | $393.89 | $1,602.01 | $274,237 |
| 83 | $1,995.91 | $396.19 | $1,599.72 | $273,841 |
| 84 | $1,995.91 | $398.50 | $1,597.40 | $273,442 |
| 85 | $1,995.91 | $400.83 | $1,595.08 | $273,041 |
| 86 | $1,995.91 | $403.17 | $1,592.74 | $272,638 |
| 87 | $1,995.91 | $405.52 | $1,590.39 | $272,233 |
| 88 | $1,995.91 | $407.88 | $1,588.02 | $271,825 |
| 89 | $1,995.91 | $410.26 | $1,585.64 | $271,415 |
| 90 | $1,995.91 | $412.66 | $1,583.25 | $271,002 |
| 91 | $1,995.91 | $415.06 | $1,580.84 | $270,587 |
| 92 | $1,995.91 | $417.48 | $1,578.42 | $270,169 |
| 93 | $1,995.91 | $419.92 | $1,575.99 | $269,749 |
| 94 | $1,995.91 | $422.37 | $1,573.54 | $269,327 |
| 95 | $1,995.91 | $424.83 | $1,571.07 | $268,902 |
| 96 | $1,995.91 | $427.31 | $1,568.60 | $268,475 |
| 97 | $1,995.91 | $429.80 | $1,566.10 | $268,045 |
| 98 | $1,995.91 | $432.31 | $1,563.60 | $267,613 |
| 99 | $1,995.91 | $434.83 | $1,561.07 | $267,178 |
| 100 | $1,995.91 | $437.37 | $1,558.54 | $266,741 |
| 101 | $1,995.91 | $439.92 | $1,555.99 | $266,301 |
| 102 | $1,995.91 | $442.49 | $1,553.42 | $265,858 |
| 103 | $1,995.91 | $445.07 | $1,550.84 | $265,413 |
| 104 | $1,995.91 | $447.66 | $1,548.24 | $264,965 |
| 105 | $1,995.91 | $450.28 | $1,545.63 | $264,515 |
| 106 | $1,995.91 | $452.90 | $1,543.01 | $264,062 |
| 107 | $1,995.91 | $455.54 | $1,540.36 | $263,607 |
| 108 | $1,995.91 | $458.20 | $1,537.71 | $263,149 |
| 109 | $1,995.91 | $460.87 | $1,535.03 | $262,688 |
| 110 | $1,995.91 | $463.56 | $1,532.34 | $262,224 |
| 111 | $1,995.91 | $466.27 | $1,529.64 | $261,758 |
| 112 | $1,995.91 | $468.99 | $1,526.92 | $261,289 |
| 113 | $1,995.91 | $471.72 | $1,524.19 | $260,817 |
| 114 | $1,995.91 | $474.47 | $1,521.43 | $260,343 |
| 115 | $1,995.91 | $477.24 | $1,518.67 | $259,865 |
| 116 | $1,995.91 | $480.03 | $1,515.88 | $259,385 |
| 117 | $1,995.91 | $482.83 | $1,513.08 | $258,903 |
| 118 | $1,995.91 | $485.64 | $1,510.27 | $258,417 |
| 119 | $1,995.91 | $488.48 | $1,507.43 | $257,928 |
| 120 | $1,995.91 | $491.32 | $1,504.58 | $257,437 |
| Showing first 120 months. Download the PDF report for the full 360-month schedule. | ||||
| Totals | $718,527 | $300,000 | $418,527 | $0 |
An amortization calculator generates a complete payment-by-payment schedule for any fixed-rate loan, showing exactly how much of each payment goes to interest versus principal. Early in a loan, the majority of each payment is interest because it is charged on the full outstanding balance. As the balance falls, the interest portion shrinks and the principal portion grows — a process called amortization.
Formula:
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]P = loan principal, r = monthly interest rate (annual rate ÷ 12), n = total number of payments (years × 12). Each month, interest is calculated as the remaining balance × monthly rate. Principal paid = monthly payment − interest. The balance falls by the principal portion each month until it reaches $0.
- 1
Enter your loan amount — the total amount borrowed
- 2
Enter the annual interest rate on the loan
- 3
Select the loan term in years using the quick-select buttons or slider
- 4
Review the four summary cards: monthly payment, total principal, total interest, and total cost
- 5
Read the context callout to understand when your interest-to-principal ratio flips
- 6
Use the Balance Over Time chart to see equity build-up, and the Principal vs Interest chart to see annual payment composition
- 7
Scroll the full amortization table to see every month's breakdown, or download the PDF for the complete schedule
- On a 30-year $400,000 mortgage at 7%, you pay over $558,000 in interest — more than the original loan amount
- Understanding amortization reveals why refinancing or making extra payments early in a loan saves the most money
- The interest-to-principal crossover point (when you pay more principal than interest each month) happens later than most people expect — often past the midpoint of the loan term
- Auto loans and personal loans also amortize — knowing the schedule helps you decide whether early payoff makes financial sense
- Lenders use amortization schedules to determine your payoff balance at any point in time, which matters for refinancing
- A 15-year mortgage at 7% has a 37% higher monthly payment than a 30-year, but costs roughly $310,000 less in total interest
- Understanding how much of your mortgage payment is actually reducing your balance vs. going to the bank
- Deciding whether a 15-year or 30-year mortgage is right for your budget and long-term interest savings
- Calculating how much equity you will have built after a specific number of years
- Determining the payoff amount remaining on your loan at any point in time
- Modeling the interest savings from making one extra payment per year
- Comparing total cost of an auto loan at different terms (36, 48, 60, 72 months)
Have questions about using this calculator? Check out our financial guides or contact us for help.
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Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table showing every payment on a loan over its lifetime. Each row shows the payment number, payment amount, how much goes to interest, how much reduces the principal balance, and the remaining balance. Early payments are mostly interest; later payments are mostly principal.
Why do early mortgage payments go mostly to interest?
Because interest is charged on your outstanding balance. When you first take out a loan, the balance is at its highest, so the interest portion of each payment is largest. As you pay down the principal, each month's interest charge shrinks and more of your fixed payment goes toward principal.
How does making extra payments affect amortization?
Extra payments go directly to principal, which reduces the balance faster. This means less interest accumulates in future months, effectively accelerating your amortization schedule. Even one extra payment per year can cut years off a 30-year mortgage and save tens of thousands in interest.
What is the difference between a 15-year and 30-year amortization?
A 15-year loan has higher monthly payments but dramatically less total interest. On a $400,000 mortgage at 7%, a 30-year term costs about $558,000 in total interest while a 15-year term costs about $248,000 — a $310,000 difference. The tradeoff is that monthly payments are roughly 40% higher on the 15-year.
Can I use this for any loan type?
Yes. This calculator works for any fixed-rate loan: mortgages, auto loans, personal loans, student loans, or business loans. Simply enter the loan amount, interest rate, and term. Variable-rate loans are more complex as the schedule changes whenever the rate adjusts.
What is negative amortization?
Negative amortization occurs when your minimum payment is less than the monthly interest charge, causing the principal balance to actually increase rather than decrease. This can happen with certain adjustable-rate mortgages or income-driven student loan repayment plans. It is generally something to avoid.