What is an amortization schedule?

It is a month-by-month breakdown showing each payment, the amount applied to principal, the interest charged and the remaining loan balance.

How does an extra payment affect the loan?

The calculator applies the extra monthly payment directly to principal. That reduces the outstanding balance faster, which can shorten the payoff period and lower total interest.

Does an extra payment change the required monthly payment?

No. The calculator treats the extra amount as an additional principal payment; the scheduled base payment stays the same.

Why does the principal portion increase over time?

As the outstanding balance falls, the interest portion of a fixed payment declines, so more of the same scheduled payment goes to principal.

Is the amortization schedule a lender statement?

No. It is an estimate based on the inputs provided. Use your lender's schedule for contractual balances and payoff figures.

All Tools

Amortization Schedule Calculator

See every loan payment split between principal and interest, with an optional extra monthly payment to show how much sooner the balance can be paid off.

Free calculator · Month-by-month schedule · Extra payment payoff analysis

Your numbers

Loan amount

Enter the starting principal balance of the loan.

Interest rate

Enter the annual interest rate used for the loan calculation.Loan term

Enter the original repayment term in years.

Extra payment per month

Optional. Enter any additional amount paid each month. This amount is applied directly to principal.

Amortization Summary

Base monthly payment

$2,205.23

Principal & interest · paid off in 30y 0m (360 payments)

Total interest paid$453,884.07
Total paid over the loan$793,884.07
Estimated payoff time30y 0m · 360 payments

Original loan amount: $340,000
Interest rate: 6.75%
Total interest: $453,884
Number of payments: 360

Month-by-month schedule

Month-by-month amortization schedule
Month	Payment	Principal	Interest	Balance
1	$2,205.23	$292.73	$1,912.50	$339,707.27
2	$2,205.23	$294.38	$1,910.85	$339,412.89
3	$2,205.23	$296.04	$1,909.20	$339,116.85
4	$2,205.23	$297.70	$1,907.53	$338,819.15
5	$2,205.23	$299.38	$1,905.86	$338,519.77
6	$2,205.23	$301.06	$1,904.17	$338,218.71
7	$2,205.23	$302.75	$1,902.48	$337,915.96
8	$2,205.23	$304.46	$1,900.78	$337,611.50
9	$2,205.23	$306.17	$1,899.06	$337,305.34
10	$2,205.23	$307.89	$1,897.34	$336,997.44
11	$2,205.23	$309.62	$1,895.61	$336,687.82
12	$2,205.23	$311.36	$1,893.87	$336,376.46
13	$2,205.23	$313.12	$1,892.12	$336,063.34
14	$2,205.23	$314.88	$1,890.36	$335,748.46
15	$2,205.23	$316.65	$1,888.59	$335,431.81
16	$2,205.23	$318.43	$1,886.80	$335,113.39
17	$2,205.23	$320.22	$1,885.01	$334,793.16
18	$2,205.23	$322.02	$1,883.21	$334,471.14
19	$2,205.23	$323.83	$1,881.40	$334,147.31
20	$2,205.23	$325.65	$1,879.58	$333,821.65

An estimate based on the loan amount, rate, term and extra payment entered; it excludes taxes, insurance and lender fees. Actual loan statements can differ with payment timing, rounding, servicing rules, rate changes on non-fixed loans and other contract terms.

Monthly payment$2,205.23

FAQ’s

Frequently Asked Questions

How amortization works

What an amortization schedule is: It shows how each scheduled payment is split between interest and principal, and how the remaining loan balance changes over time.
Why interest is higher at first: Interest is charged on the outstanding balance. Early on the balance is highest, so more of each payment goes to interest; as it falls, more goes to principal.
How extra payments change payoff: An extra monthly amount goes straight to principal. Paying the balance down faster can shorten the payoff period and reduce total interest.
Reading the schedule: Each row shows the month, the payment, the principal applied, the interest charged and the balance left after that payment.

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