Amortization Calculator
See your complete loan payment schedule and discover how extra payments can cut years off your mortgage.
Loan Details
Summary
- Loan Amount —
- Total Interest Paid —
- Total Cost of Loan —
- Payoff Date —
See If Refinancing Saves You Money
Even a 0.5% rate drop can save tens of thousands over the life of your loan. Compare today's refi rates.
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What Is Amortization?
Amortization is the process of paying off a loan through regular payments over time. Each payment is split between interest (what the lender charges) and principal (reducing your balance). Early in the loan, most of each payment goes to interest — toward the end, most goes to principal.
Why Extra Payments Save So Much
Because interest is calculated on your remaining balance, every extra dollar of principal you pay today reduces the interest that accrues for every remaining month. A single extra $200/month payment on a 30-year loan at 7% can cut 4–6 years off the loan and save over $60,000 in interest.
How to Use This Table
Scroll through the full schedule to see exactly how much of each payment goes to interest vs. principal each month. Notice how the interest portion decreases as the balance falls — that's amortization at work.
Should I Refinance Instead of Making Extra Payments?
If rates have dropped since you got your loan, refinancing can lower your base payment and reduce interest even without extra payments. Use our Refinance Calculator to see your breakeven point.