Amortization Schedule Calculator
Generate a complete month-by-month amortization schedule for any loan. Enter the loan amount, annual interest rate and loan term to see every single payment broken down into principal and interest, with a running balance after each payment. The calculator uses the standard PMT formula from the CFPB and works for any fixed-rate, fixed-term loan: mortgages, auto loans, personal loans or student loans. Watch how early payments are heavily weighted toward interest while later payments go mostly to principal, a key feature of how amortization works. See your total interest paid over the life of the loan and visualize how the balance decreases over time. Useful for understanding where your money goes each month, calculating the impact of extra principal payments, or comparing loan terms.
On a $320,000.00 loan at 6.5% for 30 years, the monthly payment is $2,022.62. Total interest over the life of the loan is $408,142.36.
Amortization schedule
Month-by-month breakdown for a $320,000.00 loan at 6.5% over 30 years. Showing the first 24 of 360 months.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
| 13 | $2,022.62 | $308.66 | $1,713.96 | $316,114.62 |
| 14 | $2,022.62 | $310.33 | $1,712.29 | $315,804.29 |
| 15 | $2,022.62 | $312.01 | $1,710.61 | $315,492.28 |
| 16 | $2,022.62 | $313.70 | $1,708.92 | $315,178.58 |
| 17 | $2,022.62 | $315.40 | $1,707.22 | $314,863.18 |
| 18 | $2,022.62 | $317.11 | $1,705.51 | $314,546.07 |
| 19 | $2,022.62 | $318.83 | $1,703.79 | $314,227.24 |
| 20 | $2,022.62 | $320.55 | $1,702.06 | $313,906.69 |
| 21 | $2,022.62 | $322.29 | $1,700.33 | $313,584.40 |
| 22 | $2,022.62 | $324.04 | $1,698.58 | $313,260.36 |
| 23 | $2,022.62 | $325.79 | $1,696.83 | $312,934.57 |
| 24 | $2,022.62 | $327.56 | $1,695.06 | $312,607.02 |
How amortization works
Each month, interest is charged on the current outstanding balance. The fixed monthly payment first covers that interest, and the remainder reduces the principal. As the balance falls, the interest portion of each payment shrinks and the principal portion grows. This process is called amortization.
monthly interest = balance x (annual rate / 100 / 12)
principal paid = monthly payment - monthly interest
new balance = previous balance - principal paid
Worked example (month 1)
$320,000 at 6.5% for 30 years. Monthly payment = $2,022.74.
- Month 1 interest = $320,000 x (6.5 / 100 / 12) = $1,733.33
- Month 1 principal = $2,022.74 - $1,733.33 = $289.41
- Balance after month 1 = $320,000 - $289.41 = $319,710.59
Amortization: frequently asked questions
What is an amortization schedule?
An amortization schedule is a table showing every payment over the life of a loan, broken down into the principal (reducing the balance) and interest (the cost of borrowing) portions. Early payments are mostly interest; later payments are mostly principal. The CFPB explains amortization at consumerfinance.gov/ask-cfpb.
How do extra payments affect an amortization schedule?
Extra principal payments reduce the outstanding balance immediately, which in turn reduces the interest charged on future payments. Even small regular overpayments can cut years from a 30-year mortgage and save tens of thousands of dollars in interest. Recalculate with a lower principal to see the effect.
Why does my balance barely decrease in the first few years?
With a standard fixed-rate mortgage, each payment is the same dollar amount, but how much goes to principal versus interest shifts over time. In the early years, the outstanding balance is large, so a larger share of each payment is consumed by interest. As the balance falls, the interest portion shrinks and more goes to principal. This is the nature of the PMT amortization formula.
Can I use this for any loan, not just a mortgage?
Yes. The PMT formula applies to any fixed-rate, fixed-term loan: auto loans, personal loans, student loans. Enter the loan amount, annual interest rate and term to see the complete schedule.
Official sources
- PMT formula and amortization concepts: CFPB, Understand Loan Options.
- CFPB amortization explainer: CFPB, What is amortization?
Reviewed by the CalculatorHub team, edited by James Graham, 12 June 2026. See our methodology. General information, not financial advice.