Reckonary / Finance / Amortization schedule
Monthly payment
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,456 | $11,933 | $197,544 |
| 2 | $2,608 | $11,782 | $194,936 |
| 3 | $2,768 | $11,621 | $192,168 |
| 4 | $2,939 | $11,450 | $189,229 |
| 5 | $3,120 | $11,269 | $186,109 |
| 6 | $3,313 | $11,076 | $182,796 |
| 7 | $3,517 | $10,872 | $179,279 |
| 8 | $3,734 | $10,655 | $175,545 |
| 9 | $3,964 | $10,425 | $171,580 |
| 10 | $4,209 | $10,180 | $167,371 |
| 11 | $4,468 | $9,921 | $162,903 |
| 12 | $4,744 | $9,645 | $158,159 |
| 13 | $5,037 | $9,353 | $153,122 |
| 14 | $5,347 | $9,042 | $147,775 |
| 15 | $5,677 | $8,712 | $142,098 |
| 16 | $6,027 | $8,362 | $136,070 |
| 17 | $6,399 | $7,990 | $129,671 |
| 18 | $6,794 | $7,595 | $122,878 |
| 19 | $7,213 | $7,176 | $115,665 |
| 20 | $7,658 | $6,732 | $108,007 |
| 21 | $8,130 | $6,259 | $99,877 |
| 22 | $8,631 | $5,758 | $91,246 |
| 23 | $9,164 | $5,225 | $82,082 |
| 24 | $9,729 | $4,660 | $72,353 |
| 25 | $10,329 | $4,060 | $62,024 |
| 26 | $10,966 | $3,423 | $51,058 |
| 27 | $11,642 | $2,747 | $39,416 |
| 28 | $12,361 | $2,029 | $27,055 |
| 29 | $13,123 | $1,266 | $13,932 |
| 30 | $13,932 | $457 | $0 |
An amortization schedule is the month-by-month plan for paying off a fixed-rate loan — a mortgage, car loan, or personal loan. Each payment is the same size, but the split between interest and principal changes every month. This calculator shows your monthly payment, the total interest you'll pay, how long the loan takes to clear, and a year-by-year breakdown so you can see exactly where your money goes.
Your monthly payment is fixed for the life of the loan. Each month, interest is charged on the balance that's still owed, and the rest of your payment chips away at the principal. Because the balance is largest at the start, early payments are mostly interest. As the balance falls, the interest portion shrinks and more of each payment goes to principal. The ledger bar under the result shows how much of your total cost is interest versus the amount you borrowed.
Add an extra amount each month and it all goes straight to principal. That lowers your balance faster, which means less interest charged every month after — a compounding effect that can shave years off the loan. Try entering a $200,000 loan at 6% over 30 years: the base payment is about $1,199. Adding $200 a month pays the loan off years early and saves a large chunk of interest.
What is an amortization schedule?
It's a table that shows how each loan payment is split between interest and principal over the life of the loan. Early on, most of your payment goes to interest; later, more of it goes to principal as the balance shrinks.
How does an extra monthly payment help?
Every extra dollar goes straight to principal, so the balance falls faster. That means you pay interest on a smaller balance each month, which both shortens the loan and cuts the total interest you pay.
Why is so much of my early payment interest?
Interest is charged on the remaining balance, which is largest at the start. Since the balance is high early on, the interest portion is high too. As you pay the balance down, the interest portion shrinks and the principal portion grows.
Does this include taxes, insurance, or fees?
No. It calculates principal and interest only. Property taxes, homeowner's insurance, PMI, and loan fees are not included, so your real bill on a mortgage may be higher.
What rate should I enter?
Use your loan's APR — the annual percentage rate from your lender or quote. The calculator converts it to a monthly rate for you.
Last reviewed June 2026. This tool is for education, not financial advice.