Amortization Schedule Calculator — Month-by-Month Loan Table

How to use the amortization schedule

1. Enter the Loan amount and the yearly Interest rate (per year).
2. Enter the Loan term and choose Years or Months in Term in.
3. Pick the First payment date so every row shows a real month and year.
4. To test prepaying, add an Extra payment every month, an Extra payment once a year with the month in Paid each year in, or a One-off extra payment with the payment number it goes with.
5. Read the monthly payment, total interest, last payment date and the point where principal overtakes interest. Scroll the month-by-month table, or open the yearly totals, and download either as CSV.

What it does and when to use it

An amortization schedule answers questions a single payment figure cannot. How much do I still owe after two years? How much interest did I pay this year? When does my payment start doing more good than harm? What happens if I add $50 a month?

This tool lays out every payment on a fixed-rate loan with its date. Use it to:

• Plan a car loan or personal loan and see the interest cost before you sign.
• Check a lender’s figures against an independent calculation.
• Find your payoff balance at any month, for example before selling a car or refinancing.
• See yearly interest totals, which helps if you track loan costs in a budget.
• Test prepayment ideas and see exactly which month the loan would end.

For a home loan with property tax, insurance and PMI, the mortgage calculator wraps the same schedule with those costs.

How it works

The payment. For a loan of P dollars at a monthly rate r (the yearly rate ÷ 12, as a decimal) over n months, the level monthly payment is:

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

If the rate is 0%, the payment is simply P ÷ n.

Each row. The tool then repeats three steps for every month:

1. Interest = balance × r.
2. Principal = M − interest.
3. New balance = old balance − principal − any extra payment.

The final payment is trimmed so the balance lands on exactly zero. An extra payment is never allowed to overpay the loan.

Extra payments. Monthly extras are added to every payment. A yearly extra is added to the payment that falls in the month you choose. A one-off extra is added to the payment number you enter (payment 1 is your first). To show what you save, the tool also runs the plain schedule with no extras and compares the totals.

The crossover point. “Principal overtakes interest” marks the first payment where the principal part of the regular payment is at least as large as the interest part. The CFPB explains this shift: early payments go mostly to interest, and later payments go mostly to principal.

Worked examples

All examples start in November 2026 and were calculated by this tool.

A five-year car loan. Borrow $25,000 at 7.5% for 5 years. The monthly payment is $500.95. In the first payment, interest is $156.25 (one-twelfth of 7.5% of $25,000) and principal is $344.70, leaving $24,655.30. In the first year you pay $1,729.81 of interest and $4,281.58 of principal. The last payment is in Oct 2031, and total interest is $5,056.92. On a short loan like this, the principal part is bigger than the interest part from the very first payment.

The same car loan with $50 extra a month. The loan ends after payment 54 in Apr 2031, six months early, with a final payment of $292.22. Interest saved is $564.42.

A 30-year loan entered in months. Borrow $100,000 at 7% for 360 months. The payment is $665.30 and total interest is $139,508.90, more than the amount borrowed. Principal does not overtake interest until payment 242 (Dec 2046), more than 20 years in. This is why long loans feel slow to pay down.

One lump sum early on. Add a single $5,000 payment with payment 12 on that $100,000 loan. Total interest falls to $111,731.49, so you save $27,777.41, and the loan is paid off sooner by 4 years 1 month. The crossover moves forward to payment 193. A lump sum paid early does far more than the same sum paid near the end, because it removes interest from every month that follows.

A 0% offer. $12,000 over 12 months at 0% gives a monthly payment of $1,000.00 and total interest of $0.00. The schedule simply steps down by $1,000 a month.

Reading the schedule

• Payment is what you pay that month, including any extra.
• Interest is the cost of borrowing for that month. It falls as the balance falls.
• Principal is the regular part that reduces your debt. Extra is anything on top.
• Balance is what you owe after that payment. It is close to the payoff amount for that month, but a lender’s payoff quote adds interest for the days since your last payment and any fees.
• The totals by loan year group payments in blocks of twelve from your first payment, not by calendar year. Tax forms such as a 1098 use calendar years, so use the monthly rows to add up a calendar year.

Limits and tips

• Fixed rate, monthly payments. Adjustable rates, biweekly plans, payment holidays and interest-only periods are not modelled.
• Monthly interest, not daily. Some loans, including some auto loans, charge simple interest by the day. Paying early or late in the month then changes the split slightly.
• Fees are not included. Origination fees, late fees and add-ons such as gap insurance change the true cost. The APR on your loan papers reflects some of them.
• Extras assume the lender applies them to principal. Confirm how your lender handles extra money, and whether any prepayment terms apply.

Related calculators

• Compare prepaying with keeping the money in the loan prepayment calculator, or see payoff time for any debt in the debt payoff calculator.
• Get a quick payment in any currency from the EMI calculator or the car loan calculator.
• Weigh paying off a loan against saving: the compound interest calculator shows what the same money could grow to.