Amortization schedule

Payment-by-payment split of principal and interest.

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Month 12 is the end of year one, 60 the end of year five.
What you still owe after that payment.

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How it's calculated

Every payment on an amortizing loan is the same size, but its split changes: interest is the balance times the monthly rate, and whatever is left reduces the balance, so early payments are mostly interest and late ones mostly principal. The balance after any payment has a closed form: the loan grown at the monthly rate for that many months, less the payments grown the same way. From it come the principal and interest paid so far and the split of the payment itself. Pick a payment number and the tool gives that row of the schedule; the full table is the same arithmetic repeated.

Payment = L × r ÷ (1 − (1 + r)^−n) Balance after p = L × (1 + r)^p − Payment × ((1 + r)^p − 1) ÷ r Interest in payment p = Balance after p−1 × r
Why is so little of my payment going to principal?

Because interest is charged on the whole balance and early on the balance is large. On $300,000 at 6.5%, the first payment is $1,625 interest and $271 principal. The split crosses half way through year 19; by then you have paid more interest than principal.

How do extra payments change the schedule?

Anything above the required payment comes straight off the balance, so every later interest charge is smaller and the loan ends early. One extra payment a year on a 30-year loan at 6.5% ends it about four years sooner. Set the payment number to see how much interest remains at any point; that is what extra payments attack.

Can I get the full amortization table?

Not from a single form field, but the formula here is the whole table: change the payment number from 1 to the last and you have every row. A spreadsheet does it in one column with the same expression, or ask your lender for the schedule, which they must provide.

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Results are estimates for informational purposes only and are not financial, medical or legal advice.