Loan Details
Enter loan amount and interest rate
Loan Term
Select your loan duration
Principal vs Interest by Year
How your payments are allocated
Balance Over Time
Watch your loan decrease
Amortization Schedule
Complete payment breakdown
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Oct 2026 | $1,580 | $226 | $1,354 | $249,774 |
| 2 | Nov 2026 | $1,580 | $227 | $1,353 | $249,547 |
| 3 | Dec 2026 | $1,580 | $228 | $1,352 | $249,318 |
| 4 | Jan 2027 | $1,580 | $230 | $1,350 | $249,089 |
| 5 | Feb 2027 | $1,580 | $231 | $1,349 | $248,858 |
| 6 | Mar 2027 | $1,580 | $232 | $1,348 | $248,625 |
| 7 | Apr 2027 | $1,580 | $233 | $1,347 | $248,392 |
| 8 | May 2027 | $1,580 | $235 | $1,345 | $248,157 |
| 9 | Jun 2027 | $1,580 | $236 | $1,344 | $247,921 |
| 10 | Jul 2027 | $1,580 | $237 | $1,343 | $247,684 |
| 11 | Aug 2027 | $1,580 | $239 | $1,342 | $247,446 |
| 12 | Sep 2027 | $1,580 | $240 | $1,340 | $247,206 |
Extra Payment Impact
See how extra payments save money
+$100/month
Pay off 4 years, 8 months early
Save $58,860
+$250/month
Pay off 9 years, 2 months early
Save $112,596
+$500/month
Pay off 13 years, 9 months early
Save $163,516
+$1,000/month
Pay off 18 years, 6 months early
Save $213,459
Amortization Summary
Monthly Payment
$1,580
Principal & Interest
Total Interest
$318,861
What if you paid extra each month?
See how extra payments reduce your interest and payoff time
Your Amortization Insights
3 insights based on your inputs
High Interest Cost
You'll pay $318,861 in interest (56% of total). Consider extra payments or a shorter term.
Extra Payments Save Big
Adding just $200/month would save you $97,618 in interest.
Consider a Shorter Term
A 15-year mortgage would have higher payments but save significantly on interest.
Related Calculators
Explore other tools that might help
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table showing every loan payment broken down into principal and interest portions. It shows how your loan balance decreases over time. Early payments are mostly interest, while later payments are mostly principal.
How does amortization work?
With amortization, each payment is calculated to be equal throughout the loan term. Early payments have more interest (because the balance is higher), while later payments have more principal. This ensures the loan is fully paid off by the end of the term.
How can I reduce total interest paid?
Make extra principal payments to reduce the balance faster. Even small extra payments significantly reduce total interest. Pay biweekly instead of monthly (makes 13 payments/year). Refinance to a lower rate if possible. Shorter loan terms also reduce total interest.
What is the difference between principal and interest?
Principal is the original loan amount you borrowed. Interest is the cost charged by the lender for borrowing that money. Each payment reduces your principal while also paying the interest owed on the remaining balance.
Why do I pay more interest at the beginning?
Interest is calculated on the remaining balance. At the start, your balance is highest, so more of each payment goes to interest. As you pay down the principal, less interest accrues, so more of each payment goes to principal.
How this works
Full amortization schedule shows the split between interest and principal for every period. Useful for comparing "pay extra principal" strategies — extra payments reduce remaining interest because they come off the balance the next interest charge accrues against.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).