Amortization Calculator
Generate a complete amortization schedule for any loan. See how each payment breaks down between principal and interest, and how extra payments can save you money.
Amortization Summary
Monthly Payment
$1,580
Principal & Interest
Total Interest
$318,861
Loan Details
Enter loan amount and interest rate
Loan Term
Select your loan duration
Principal vs Interest by Year
How your payments are allocated
Balance Over Time
Watch your loan decrease
Amortization Schedule
Complete payment breakdown
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jan 2026 | $1,580 | $226 | $1,354 | $249,774 |
| 2 | Feb 2026 | $1,580 | $227 | $1,353 | $249,547 |
| 3 | Mar 2026 | $1,580 | $228 | $1,352 | $249,318 |
| 4 | Apr 2026 | $1,580 | $230 | $1,350 | $249,089 |
| 5 | May 2026 | $1,580 | $231 | $1,349 | $248,858 |
| 6 | Jun 2026 | $1,580 | $232 | $1,348 | $248,625 |
| 7 | Jul 2026 | $1,580 | $233 | $1,347 | $248,392 |
| 8 | Aug 2026 | $1,580 | $235 | $1,345 | $248,157 |
| 9 | Sep 2026 | $1,580 | $236 | $1,344 | $247,921 |
| 10 | Oct 2026 | $1,580 | $237 | $1,343 | $247,684 |
| 11 | Nov 2026 | $1,580 | $239 | $1,342 | $247,446 |
| 12 | Dec 2026 | $1,580 | $240 | $1,340 | $247,206 |
Extra Payment Impact
See how extra payments save money
+$100/month
Pay off 4 years, 8 months early
Save $58,860
+$250/month
Pay off 9 years, 2 months early
Save $112,596
+$500/month
Pay off 13 years, 9 months early
Save $163,516
+$1,000/month
Pay off 18 years, 6 months early
Save $213,459
Amortization Summary
Monthly Payment
$1,580
Principal & Interest
Total Interest
$318,861
Quick Answer
An amortization schedule shows how each loan payment is divided between principal and interest, plus the remaining balance after each payment. Our free amortization calculator at practicalwebtools.com generates a complete payment-by-payment breakdown for any loan, helping you understand exactly how your debt pays down over time.
Key Facts
- Amortization spreads loan payments evenly over the loan term
- Early payments are mostly interest; later payments are mostly principal
- The "crossover point" where principal exceeds interest typically occurs around 60% through the loan
- Extra principal payments shorten the loan and reduce total interest
- Amortization schedules help track loan progress and plan prepayments
- Most mortgages, auto loans, and personal loans are amortizing loans
What if you paid extra each month?
See how extra payments reduce your interest and payoff time
Your Amortization Insights
3 insights based on your inputs
High Interest Cost
You'll pay $318,861 in interest (56% of total). Consider extra payments or a shorter term.
Extra Payments Save Big
Adding just $200/month would save you $97,618 in interest.
Consider a Shorter Term
A 15-year mortgage would have higher payments but save significantly on interest.
Related Calculators
Explore other tools that might help
Frequently Asked Questions
An amortization schedule is a complete table showing every loan payment broken down into principal and interest portions. It shows how your loan balance decreases over time. Early payments are mostly interest, while later payments are mostly principal.
With amortization, each payment is calculated to be equal throughout the loan term. Early payments have more interest (because the balance is higher), while later payments have more principal. This ensures the loan is fully paid off by the end of the term.
Make extra principal payments to reduce the balance faster. Even small extra payments significantly reduce total interest. Pay biweekly instead of monthly (makes 13 payments/year). Refinance to a lower rate if possible. Shorter loan terms also reduce total interest.
Principal is the original loan amount you borrowed. Interest is the cost charged by the lender for borrowing that money. Each payment reduces your principal while also paying the interest owed on the remaining balance.
Interest is calculated on the remaining balance. At the start, your balance is highest, so more of each payment goes to interest. As you pay down the principal, less interest accrues, so more of each payment goes to principal.
Amortization Summary
Monthly Payment
$1,580
Principal & Interest
Total Interest
$318,861