See a full payment-by-payment breakdown of principal and interest
Monthly payment
599.55
Total paid
215,838
Total interest
115,838
Payments
360
Payoff date
—
Remaining balance over time
Remaining balance
Amortization schedule
Year
Principal
Interest
Balance
1
1,228.00
5,966.60
98,772.00
2
1,303.74
5,890.86
97,468.26
3
1,384.17
5,810.43
96,084.09
4
1,469.54
5,725.06
94,614.55
5
1,560.18
5,634.42
93,054.37
6
1,656.39
5,538.21
91,397.98
7
1,758.56
5,436.04
89,639.42
8
1,867.00
5,327.60
87,772.42
9
1,982.20
5,212.40
85,790.22
10
2,104.43
5,090.17
83,685.79
11
2,234.23
4,960.37
81,451.56
12
2,372.03
4,822.57
79,079.53
13
2,518.34
4,676.26
76,561.19
14
2,673.66
4,520.94
73,887.53
15
2,838.56
4,356.04
71,048.97
16
3,013.65
4,180.95
68,035.32
17
3,199.50
3,995.10
64,835.82
18
3,396.84
3,797.76
61,438.98
19
3,606.39
3,588.21
57,832.59
20
3,828.80
3,365.80
54,003.79
21
4,064.95
3,129.65
49,938.84
22
4,315.69
2,878.91
45,623.15
23
4,581.84
2,612.76
41,041.31
24
4,864.45
2,330.15
36,176.86
25
5,164.49
2,030.11
31,012.37
26
5,483.00
1,711.60
25,529.37
27
5,821.19
1,373.41
19,708.18
28
6,180.21
1,014.39
13,527.97
29
6,561.41
633.19
6,966.56
30
6,966.56
228.49
0.00
Amortization formula
M = P × r ÷ (1 − (1 + r)−n)
M = monthly payment, P = principal, r = monthly rate (annual ÷ 12 ÷ 100), n = total payments. Each month interest = balance × r, and the rest of the payment reduces the principal. The final payment is adjusted so the balance ends exactly at zero.
What is an amortization schedule?
An amortization schedule is a table that shows exactly how each loan payment is split between interest and principal, and how the outstanding balance falls to zero over the life of the loan. With a fixed-rate, fully amortizing loan you pay the same amount every month, but the mix changes over time: early payments are mostly interest, while later ones are mostly principal. This calculator builds the complete schedule for any loan — a mortgage, auto loan, student loan, or personal loan — and lets you view it month by month or summarised by year. You can also enter an extra monthly payment to see how much interest you would save and how many months earlier the loan would be paid off.
How to use it
1. Enter the loan amount, the annual interest rate (%), and the term in years.
2. Optionally add a fixed extra payment to apply to principal each month.
3. Optionally set a start date to label each row with its payment month and see the payoff date.
4. Switch between the yearly summary and the full monthly schedule, and read the chart to watch the balance fall.
Formula and definition
The level monthly payment M is:
M = P × r ÷ (1 − (1 + r)^−n)
where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of payments (years × 12). For each period the interest is the current balance × r, and the remaining part of the payment reduces the principal. When the rate is 0% the payment is simply the principal divided by the number of months. Amounts are rounded to two decimals each period, and the final payment is adjusted so the balance lands exactly on zero.
Reading the schedule
Look at how the interest column shrinks and the principal column grows over time — this is why paying extra early in the loan saves the most: it removes principal that would otherwise accrue interest for years. The yearly view is the quickest way to see how much interest you pay annually and how fast the balance falls; the monthly view shows the exact figure for every payment. If you add an extra payment, compare the interest saved and the months removed from the term. Remember the schedule covers principal and interest only — taxes, insurance, and fees are separate.
Frequently asked questions
What is the difference between the monthly and yearly views? ▾
The monthly view lists every single payment with its interest, principal, and remaining balance. The yearly view sums those into one row per year, which is easier to scan for long loans.
Why is so much of my early payment interest? ▾
Interest is charged on the outstanding balance, which is highest at the start. As you pay down principal, less interest accrues, so a growing share of each fixed payment goes to principal.
How do extra payments shorten the loan? ▾
An extra payment goes entirely to principal, so the balance — and the interest charged on it — falls faster. This can remove many months from the term and save a large amount of interest, especially when done early.
Why does the last payment differ slightly? ▾
Each payment is rounded to the nearest cent, which leaves a tiny residual over time. The final payment is adjusted so the balance ends at exactly zero, just as a real lender's schedule does.
This tool provides general estimates for educational purposes only and is not financial advice or a loan offer. Actual schedules, fees, and terms vary by lender. Consult a qualified professional before making borrowing decisions.