Loan Amortization Schedule Calculator - Full Payment Table

How to use this tool

1. Enter the loan amount, annual rate, term in months or years, and first payment month.
2. Optionally add a recurring monthly extra or one-time extra at a selected payment number.
3. Compare scheduled P&I with actual totals, payoff date, interest saved, and time saved. Scroll the dated schedule or download it as CSV or PDF.

What is amortization?

Amortization is the process of spreading a loan into equal periodic payments over its term. Each payment covers the interest owed on the remaining balance plus a portion of the principal. As the balance decreases, more of each payment goes toward principal and less toward interest - a shift that accelerates in the second half of the loan.

The payment formula

The fixed monthly payment M for a loan of principal P, monthly interest rate r (annual rate ÷ 12), and n total payments is:

M = P × [r(1 + r)^n] / [(1 + r)^n − 1]

For a $300,000 mortgage at 6% for 30 years: r = 0.005, n = 360, M ≈ $1,799/month.

Front-loading of interest

In the early years of a loan, the vast majority of each payment is interest. For the $300k / 6% / 30-year example:

At the calculator's unrounded payment amount of about $1,798.65, the 30-year schedule totals about $647,515 in payments and $347,515 in interest on a $300,000 loan. The table rounds each displayed row to whole dollars, so adding those rounded cells will differ slightly from the unrounded totals.

Extra payments

Adding even a small amount to each payment reduces the principal faster, shortening the loan term and cutting total interest paid significantly. In this calculator, a $200 monthly extra payment on the $300,000, 6%, 30-year example pays the loan off about 6 years and 9 months earlier and saves about $91,173 in interest. Extra amounts are applied to principal after the scheduled payment.

Some loans have prepayment penalties. Check your loan agreement or ask your lender before making extra payments.

When more than half the payment goes to principal

For the $300,000, 6%, 30-year example, the tipping point where each monthly payment contributes more to principal than to interest arrives at about payment #223 (18 years and 7 months into the schedule). Until then, the majority of every payment services interest on the outstanding balance. This is why refinancing early in a loan can make mathematical sense - you restart the amortization clock and may pay front-loaded interest for years again.

Negative amortization

Negative amortization occurs when a minimum payment does not cover the interest due for that period. The unpaid interest is added to the principal balance, causing the loan to grow larger over time rather than smaller. This scenario was common with certain adjustable-rate mortgage (ARM) products that offered artificially low introductory payment caps. Always verify that your scheduled payment covers at least the full interest accrued each period.

How to read the schedule