Create a detailed payment schedule for your loan or mortgage. See exactly how your payments are allocated between principal and interest over time.
Monthly Payment
$1,135.58
Total Payments
$408,808.80
Total Interest
$208,808.80
Payments Count
360
Click the calculate button to generate your amortization schedule
Amortization is the process of paying off debt with regular, fixed payments over time. Each payment includes both principal and interest, with the proportion gradually changing over the loan term. In the early years, a larger portion of your payment goes toward interest, while in later years, more goes toward paying down the principal.
With an amortized loan, the lender calculates a fixed monthly payment that will fully repay the loan by its end date. Here's how each payment is distributed:
See exactly where your money is going with each payment
Understand how extra payments can reduce your total interest cost
Monitor your growing ownership stake as principal is paid down
Plan future budgets with precise knowledge of payment obligations
Amortization refers to spreading loan payments over time, while depreciation refers to the declining value of physical assets. Both concepts involve allocating costs over a period, but they apply to different financial aspects.
Extra payments go directly toward reducing the principal balance, which means less interest accrues over the remaining loan term. This can significantly shorten your loan term and reduce the total interest paid.
Interest is calculated based on the outstanding principal balance. Since your balance is highest at the beginning of the loan, more interest accrues during this period. As you pay down the principal, the interest portion naturally decreases.
Yes, most lenders will provide an amortization schedule upon request or when you close on a loan. However, online calculators like this one give you the flexibility to explore different scenarios before committing to a loan.
No, not all loans use amortization. While most mortgage and auto loans are amortized, other loan types like credit cards, interest-only loans, or balloon payment loans follow different repayment structures.