Early Payments
Most of your payment goes to interest
Middle Payments
Principal and interest become more balanced
Later Payments
Most of your payment goes to principal
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate
n = Total number of payments
An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is paid off. Each periodic payment is the same amount in total, but the breakdown between principal and interest changes over time. Early in the loan term, a larger portion goes to interest, while later payments apply more to the principal balance.
Making extra payments toward your loan principal can significantly reduce the total interest paid and shorten your loan term. Even small additional payments made consistently can save thousands of dollars over the life of your loan. This calculator helps you visualize the impact of extra payments on your amortization schedule.
Amortization schedules are estimates based on entered values and standard formulas. Actual loan terms may include additional fees, variable rates, or different compounding methods. Consult a lender for exact payment schedules and personalized guidance.