Amortization Schedule Calculator
Every payment, every month, every dollar of interest — laid out in a schedule you can read, print or export. Switch between monthly and yearly views, add extra principal, and see exactly when the balance reaches zero.
Principal and interest by year
- Principal
- Interest
- Remaining balance
Full amortization schedule
| # | Date | Payment | Principal | Interest | Extra | Balance |
|---|
How to read an amortization schedule
An amortization schedule is a table of every payment left on a loan, in order, with the interest and principal portions separated. Four columns matter:
- Payment — the scheduled principal and interest for that month. It stays constant on a fixed-rate loan.
- Interest — the monthly rate multiplied by the balance at the start of the month. It is highest in payment one and falls every month thereafter.
- Principal — whatever is left of the payment after interest. It is the only column that reduces what you owe.
- Balance — the remaining loan amount after that payment. It is what interest is charged on next month.
Because interest is charged on the balance, the schedule has a built-in curve: early payments are mostly interest, late payments are almost entirely principal. On a 30-year loan at 6.5%, the crossover point — the first month where principal exceeds interest — arrives around payment 233, more than nineteen years in.
Why the final payment is different
The payment formula produces a number with fractions of a cent, and lenders round it. Over 360 payments, rounding accumulates to a few dollars, so the last payment is adjusted to clear the exact remaining balance. In the schedule above, look at the final row: the payment is usually a little smaller or larger than every row before it. That is correct behavior, not an error.
Monthly or yearly view?
The monthly view is what servicers use and what you need if you are reconciling a statement or checking that an extra payment posted correctly. The yearly view compresses the same data into annual totals, which is far more useful for tax planning, for seeing how much of each year's payments were deductible interest, and for spotting the year when PMI drops off.
Adding extra principal
Enter an amount in "Extra principal / mo" and the schedule rebuilds: the term shortens, the total interest falls, and the final payment date moves earlier. The extra column shows the additional principal applied each month so you can distinguish scheduled amortization from voluntary prepayment. For annual lump sums and one-time payments, use the extra payment calculator.
Amortization FAQ
Questions that come up when reading a schedule.
What does amortization actually mean?
Amortization is the process of paying off a debt in equal installments over time. Each installment covers the interest due plus a slice of principal, and the slice grows as the balance shrinks. At the end of the term the balance is exactly zero.
Why does my lender's schedule differ from this one by a few dollars?
Rounding conventions, the exact day interest starts accruing, and whether the first payment is a full month or a partial month. Daily simple interest loans, in particular, produce schedules that shift with the number of days between payments. Differences of a few dollars over the term are normal.
Can I use this for an interest-only loan?
Not directly. This calculator assumes a fully amortizing fixed-rate loan. On an interest-only loan the payment during the interest-only period equals the balance times the monthly rate, with no principal reduction, and then jumps when amortization begins.
How do I export the schedule to Excel?
Click "Download CSV" above the table. The file opens directly in Excel, Google Sheets or Numbers and includes every column — payment date, principal, interest, extra principal, escrow components and remaining balance — so you can build your own charts or pivot tables.
Does the schedule include property taxes and insurance?
No. Amortization schedules cover principal and interest only, because taxes and insurance do not amortize and can change every year. For the full monthly payment including escrow, use the mortgage calculator with taxes.
What is a recast, and does it change the schedule?
A recast re-amortizes the remaining balance over the remaining term after a large lump-sum payment, which lowers the required monthly payment instead of shortening the term. Servicers typically charge $150–$500 and require a minimum principal reduction. This calculator models the shortening approach, not a recast.
Related calculators
Because the schedule is only half the story.
Schedules assume a fixed interest rate, monthly compounding and payments made on the first of each month. Actual lender schedules may differ by cents because of rounding and accrual conventions.