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About the amortization schedule calculator
An amortization schedule is the full payment plan of a loan. It lists every payment and shows how much of it pays the interest, how much pays down the principal (the loan itself), and the balance that is left after it.
This free amortization schedule calculator makes that table for any loan with a fixed rate: a mortgage, a car loan, a personal loan or a student loan. Type the loan amount, the interest rate and the term, and pick the month of the first payment. You get the monthly payment, the total interest, the payoff date and the schedule under the form — every month, or one line per year.
Add an extra payment every month, or one extra payment once, and the schedule shows the new payoff date and the interest you save. Download the table as a CSV file for Excel or Google Sheets, or print it (your browser can also save it as a PDF).
Features
- Every payment in a table — date, payment, interest, principal and balance for each month
- Yearly totals — one line per year: what you paid, the interest, the principal and the balance at the end of the year
- Extra payments — an extra amount every month and a one-time extra; see the interest saved and how much sooner the loan ends
- Exact to the cent — the interest is rounded each month like a bank does, and the last payment clears the balance to 0.00
- CSV download — one click, opens in Excel, Google Sheets or Numbers
- Print or save as PDF — a clean page with the summary and the table
- Any loan, any currency — term in years or months, up to 50 years
Example: $200,000 at 6.5% for 30 years
The monthly payment is $1,264.14. Here are the first and the last payments:
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $1,264.14 | $1,083.33 | $180.81 | $199,819.19 |
| 2 | $1,264.14 | $1,082.35 | $181.79 | $199,637.40 |
| 3 | $1,264.14 | $1,081.37 | $182.77 | $199,454.63 |
| … | … | … | … | … |
| 359 | $1,264.14 | $13.56 | $1,250.58 | $1,252.77 |
| 360 | $1,259.56 | $6.79 | $1,252.77 | $0.00 |
- In total you pay $455,085.82: the $200,000 loan and $255,085.82 of interest.
- In the first year, $12,934.18 goes to interest and only $2,235.50 to the loan.
- The principal part is bigger than the interest part only from payment 233 — more than 19 years in.
- Half of the loan is paid off with payment 257.
- The last payment is $4.58 smaller, because it pays exactly what is left.
How the term changes the payment
The same $200,000 loan at 6.5%:
| Term | Monthly payment | Total interest |
|---|---|---|
| 10 years | $2,270.96 | $72,515.05 |
| 15 years | $1,742.21 | $113,599.25 |
| 20 years | $1,491.15 | $157,874.29 |
| 30 years | $1,264.14 | $255,085.82 |
A 30-year loan has the smallest payment, but it costs more than three times the interest of a 10-year loan.
What extra payments do
Every extra dollar goes straight to the principal, so less interest is charged in every month after it. On the same $200,000 loan at 6.5% for 30 years:
| Extra payment | Payments | Total interest | Interest saved |
|---|---|---|---|
| None | 360 (30 years) | $255,085.82 | — |
| $100 every month | 293 (24 yr 5 mo) | $199,141.44 | $55,944.38 |
| $200 every month | 250 (20 yr 10 mo) | $165,011.16 | $90,074.66 |
| $10,000 once, with payment 12 | 315 (26 yr 3 mo) | $207,176.19 | $47,909.63 |
Check with your lender that extra payments go to the principal and that there is no fee for paying early.
How the schedule is worked out
- Payment = loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n is the number of months. It is rounded to the cent.
- Each month: interest = balance × r (rounded to the cent), principal = payment − interest, new balance = balance − principal − any extra.
- The last payment is the balance that is left plus its interest, so the loan ends at exactly 0.00.
Banks use the same method, so your lender's schedule should match to within a few cents. Some loans count interest by days instead of months; then small differences are normal.
Frequently asked questions
How do I make an amortization schedule?
Type the loan amount, the interest rate and the term. The schedule appears under the form at once. Choose Every month or Yearly totals, then Download CSV or Print or save as PDF if you want to keep it.
Why is most of my payment interest at the start?
Interest is charged on the balance. At the start the balance is the whole loan, so the interest is large and only a small part of the payment reduces the loan. As the balance goes down, more of each payment goes to the principal.
How do extra payments change the schedule?
An extra payment lowers the balance at once. The monthly payment stays the same, but more of it pays the principal, so the loan ends sooner. On a $200,000 loan at 6.5% for 30 years, $100 extra a month saves $55,944.38 of interest and ends the loan 5 years and 7 months early.
Can I open the schedule in Excel?
Yes. Download CSV saves the whole table — number, date, payment, interest, principal, extra and balance — as plain numbers. Excel, Google Sheets, Numbers and LibreOffice all open it.
Why is my last payment different?
The payment is rounded to the cent, so after hundreds of payments a few cents are left over (or missing). The last payment takes care of it, so the balance ends at exactly 0.00.
Does this include property tax and insurance?
No. It shows only principal and interest. For the full monthly cost of a home, with tax, insurance and fees, use the Mortgage Calculator.
Is this the schedule my bank will use?
It uses the standard method, so it should be very close. Your loan papers are what counts: some loans have fees, a changing rate or interest by the day.
Related tools
- Mortgage Calculator — the monthly cost of a home with tax and insurance
- Loan Calculator — a quick monthly payment for any loan
- Auto Loan Calculator — car payments with trade-in and sales tax
- Student Loan Calculator — one or several student loans
- Refinance Calculator — is a new loan worth it?
- Debt Payoff Calculator — pay off several debts with a plan
How to use it
- Type the loan amount and the interest rate per year
- Type the loan term and choose years or months — or tap 5 to 30 years
- Pick the month and year of the first payment, so the table shows real dates
- Add an extra payment every month or a one-time extra payment if you plan one
- Read the monthly payment, the total interest and the payoff date
- Scroll the payment schedule, switch to Yearly totals, and press Download CSV or Print or save as PDF
