See Every Payment - Full Amortization Schedule
An amortization schedule shows every payment over the life of your loan - how much goes to principal, how much to interest, and the remaining balance after each payment. Essential for planning extra payments and understanding how loans actually work.
What Is an Amortization Schedule?
An amortization schedule is a table that breaks down every payment on an installment loan. Each row shows the payment number, total payment, principal paid, interest paid, and remaining balance.
Early payments are mostly interest. Late payments are mostly principal. This shift is why extra early payments save so much money.
How to Read an Amortization Schedule
- Payment #: Which payment in the sequence
- Payment amount: Total you pay each period
- Principal: Amount that reduces your balance
- Interest: Lender fee for that period
- Balance: Remaining amount you owe
Example: $300,000 Mortgage at 6.5% over 30 Years
| Year | Monthly Payment | Principal Paid | Interest Paid | Balance |
|---|---|---|---|---|
| Year 1 | $1,896 | $3,504 | $19,248 | $296,496 |
| Year 5 | $1,896 | $25,054 | $88,706 | $274,946 |
| Year 10 | $1,896 | $65,865 | $161,655 | $234,135 |
| Year 15 | $1,896 | $132,495 | $208,785 | $167,505 |
| Year 20 | $1,896 | $229,150 | $226,000 | $70,850 |
| Year 30 | $1,896 | $300,000 | $382,560 | $0 |
Notice: in year 1, only $3,504 of $22,752 in payments goes to principal. By year 20, most of your payment reduces the balance.
Why Amortization Matters
- Extra early payments save far more than late ones
- You can see exactly when you will own the asset outright
- You can calculate the break-even point for refinancing
- It reveals how much interest you will pay over time
How to Use This Calculator
- Enter your loan amount and interest rate.
- Choose your loan term (in years or months).
- Optionally add extra monthly payments.
- View the full schedule - scroll to any payment period.
- Click any row to see the balance at that point.
Frequently Asked Questions
What is amortization in simple terms?
It is the process of paying off a loan through regular payments. Each payment covers interest first, then reduces the principal.
Why is most of my early payment interest?
Because interest is calculated on the remaining balance. When the balance is high, interest is high.
Does making extra payments help?
Yes - every extra dollar goes directly to principal and saves future interest. One extra payment per year shortens a 30-year mortgage by about 5 years.
Is amortization the same for all loans?
Yes. Mortgages, auto loans, personal loans, and student loans all follow the same amortization formula.
What is negative amortization?
When your payment is less than the interest due, the balance grows. Common in some adjustable-rate loans.
How do I create an amortization schedule in Excel?
Use PMT() for the payment and IPMT()/PPMT() for interest and principal in each period. Or use our calculator and export the schedule.