Amortization calculator
Your monthly loan payment, the full schedule, and what extra payments do to it.
Schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $16,168 | $2,794 | $247,206 |
| 2 | $15,981 | $2,981 | $244,224 |
| 3 | $15,781 | $3,181 | $241,043 |
| 4 | $15,568 | $3,394 | $237,649 |
| 5 | $15,341 | $3,621 | $234,027 |
| 6 | $15,098 | $3,864 | $230,163 |
| 7 | $14,839 | $4,123 | $226,041 |
| 8 | $14,563 | $4,399 | $221,642 |
| 9 | $14,269 | $4,694 | $216,948 |
| 10 | $13,954 | $5,008 | $211,940 |
| 11 | $13,619 | $5,343 | $206,597 |
| 12 | $13,261 | $5,701 | $200,896 |
| 13 | $12,879 | $6,083 | $194,813 |
| 14 | $12,472 | $6,490 | $188,323 |
| 15 | $12,037 | $6,925 | $181,398 |
| 16 | $11,573 | $7,389 | $174,009 |
| 17 | $11,078 | $7,884 | $166,126 |
| 18 | $10,551 | $8,412 | $157,714 |
| 19 | $9,987 | $8,975 | $148,739 |
| 20 | $9,386 | $9,576 | $139,163 |
| 21 | $8,745 | $10,217 | $128,946 |
| 22 | $8,061 | $10,902 | $118,044 |
| 23 | $7,330 | $11,632 | $106,413 |
| 24 | $6,551 | $12,411 | $94,002 |
| 25 | $5,720 | $13,242 | $80,760 |
| 26 | $4,833 | $14,129 | $66,632 |
| 27 | $3,887 | $15,075 | $51,557 |
| 28 | $2,878 | $16,084 | $35,473 |
| 29 | $1,800 | $17,162 | $18,311 |
| 30 | $651 | $18,311 | $0 |
- Monthly payment
- $1,580.17
- Total interest
- $318,861
- Total paid
- $568,861
Where payment #1 goes
year 1- To interest
- $1,354.1786% of the payment
- To principal
- $226.0014%
- Balance after this payment
- $249,774
Interest is charged on what you still owe, so early payments are mostly interest. On this loan, principal overtakes interest at payment 233. That is also why extra payments early on save the most.
How amortization works
A fixed-rate loan has one payment for its whole life, calculated so the last payment brings the balance exactly to zero. Each month the lender first takes interest on the balance, then the rest of your payment reduces what you owe. As the balance shrinks, so does the interest, so more of the same payment goes to principal.
That's the reason refinancing late in a loan often backfires: you've already paid most of the interest, and a new loan starts the interest-heavy early years all over again. The refinance calculator accounts for this by comparing what's left on each loan.