Amortization Calculator
$0.00 / month (before extra payment)
| Year | Principal Paid | Interest Paid | Ending Balance |
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How Amortization Works
Every fixed-rate loan payment is split between interest (charged on your remaining balance) and principal (which reduces what you owe). Early in the loan, interest makes up most of each payment; later payments are mostly principal.
Why Extra Payments Save So Much Interest
Extra principal payments reduce the balance that future interest is calculated on, so each dollar of extra payment saves you from paying interest on it for the rest of the loan. Even a modest extra monthly payment can cut years off a 30-year loan.
Should You Pay Off Debt Early?
Paying extra toward a loan makes the most sense when its interest rate is higher than what you could otherwise earn investing that money, or when becoming debt-free sooner is a priority for you regardless of the math.
Frequently Asked Questions
Why is more of my early payments interest, not principal?
Interest is charged on the outstanding balance, which is highest at the start of the loan, so early payments are weighted toward interest.
Can I download my amortization schedule?
This calculator displays the full payment-by-payment schedule on screen, which you can print directly from your browser.