Amortization Schedule Generator

About Amortization Schedule Generator

Generate a complete month-by-month amortization schedule for any fixed-rate loan. Enter the loan amount, annual interest rate, term length, and an optional extra monthly payment. The table shows every payment broken down into principal, interest, and remaining balance, with totals and interest savings at the bottom.

What Is Amortization?

Amortization is the process of paying off a loan through equal periodic payments. Each payment covers two things: interest on the current balance and a portion of the principal. Because interest is calculated on the remaining balance, early payments are mostly interest and later payments are mostly principal. The word comes from the Latin "amortire" (to kill) - you are gradually killing the debt.

The formula for the fixed monthly payment is:

M = P x r x (1 + r)^n / ((1 + r)^n - 1)

Where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments.

How to Read an Amortization Schedule

Worked example: $200,000 mortgage at 6.5% for 30 years. Monthly payment: $1,264.14.

Payment	Principal	Interest	Total Payment	Balance
Month 1	$181	$1,083	$1,264	$199,819
Month 60	$248	$1,016	$1,264	$186,109
Month 120	$340	$924	$1,264	$169,333
Month 180	$466	$798	$1,264	$146,956
Month 240	$638	$626	$1,264	$115,099
Month 300	$875	$389	$1,264	$70,635
Month 360	$1,257	$7	$1,264	$0

Key takeaways from this schedule:

• Month 1: 86% of the payment goes to interest, only 14% to principal
• Month 180 (halfway through): it is still roughly 63% interest, 37% principal
• The crossover point (where principal exceeds interest) does not happen until around month 230 of 360
• Total interest over 30 years: $255,090 - more than the original loan amount
• Total paid: $455,090 for a $200,000 loan

How Extra Payments Save You Money

Extra payments go directly to reducing the principal balance. This has a compounding effect: the lower balance means less interest next month, which means more of your regular payment goes to principal, which further reduces the balance.

Example: $200,000 at 6.5% for 30 years, adding $200/month extra:

	No Extra	+$200/month	Savings
Monthly payment	$1,264	$1,464	-
Payoff time	30 years	21 years, 4 months	8 years, 8 months
Total interest	$255,090	$168,442	$86,648

An extra $200/month saves $86,648 in interest and pays off the loan nearly 9 years early. Every extra dollar has the most impact early in the loan when the balance is highest.

Amortization for Different Loan Types

This calculator works for any fixed-rate amortizing loan. Common uses:

Loan Type	Typical Term	Typical Rate (2025)	Notes
Mortgage (30-year)	360 months	6.0 - 7.0%	Most common home loan
Mortgage (15-year)	180 months	5.5 - 6.5%	Higher payment, much less interest
Auto loan	48 - 72 months	5.0 - 9.0%	Shorter term, smaller amounts
Personal loan	24 - 60 months	7.0 - 15.0%	Unsecured, higher rates
Student loan (federal)	120 months	5.5 - 8.5%	Standard 10-year repayment

15-Year vs 30-Year Mortgage

The term length dramatically affects both the payment and total cost. Comparison for a $300,000 mortgage at representative rates:

	15-Year at 5.8%	30-Year at 6.5%
Monthly payment	$2,502	$1,896
Total interest	$150,360	$382,636
Total paid	$450,360	$682,636

The 15-year loan costs $606 more per month but saves $232,276 in interest. If you can afford the higher payment, the 15-year term is significantly cheaper overall.

When Does the Principal-Interest Crossover Happen?

The crossover point is when more of each payment goes to principal than interest. It depends on the rate and term:

Loan	Crossover Point	% of Term Elapsed
30-year at 4%	Month 165 (year 14)	46%
30-year at 6%	Month 215 (year 18)	60%
30-year at 8%	Month 252 (year 21)	70%
15-year at 5%	Month 75 (year 6)	42%
5-year auto at 6%	Month 31 (year 3)	52%

At higher interest rates, the crossover comes later, meaning you spend more of the loan's life paying mostly interest. This is one reason extra payments early in the loan have such a large effect.

Tips for Using Your Amortization Schedule

• Track your progress: Compare your actual balance to the schedule each year. If they do not match, check for missed payments or rate changes.
• Plan extra payments strategically: Even occasional lump-sum payments (tax refunds, bonuses) make a noticeable dent in the early years when the balance is high.
• Refinance timing: If rates drop, compare your remaining schedule to a new loan's schedule. Refinancing makes sense when the interest savings exceed the closing costs.
• Copy to a spreadsheet: Click the Copy Table button to paste the full schedule into Excel or Google Sheets for your own tracking and what-if analysis.

For a simpler monthly payment estimate without the full schedule, the loan calculator gives a quick summary. To see how extra payments specifically affect a mortgage, the mortgage overpayment calculator models lump-sum and recurring overpayments. For car-specific features like trade-in and sales tax, use the auto loan calculator.

All calculations run entirely in your browser. No data is stored or transmitted.