LoanbieAmortization Schedule Calculator
Generate a complete amortization schedule for any fixed-rate loan. Every row shows the payment number, principal paid, interest paid, and the remaining balance — plus what happens when you add an extra monthly payment to pay the loan off faster and save interest.
Results are estimates for fixed-rate loans and update instantly. They run entirely in your browser — nothing is sent to a server.
How the Amortization Schedule Calculator works
An amortization schedule is built one row at a time:
- Calculate the monthly payment M with the standard formula above.
- Each period, interest = current balance × monthly rate.
- Principal paid = M − interest.
- New balance = old balance − principal paid.
If you make an extra monthly payment, the extra amount is applied directly to principal, so the balance falls faster and the loan ends early.
Worked example
Worked example: a $250,000 mortgage at 6% APR for 30 years.
- Monthly payment: $1,498.88
- First row: interest $1,250.00, principal $248.88, balance $249,751.12
- Total interest over 30 years: $289,596
Add a $100 extra monthly payment and the loan pays off years early while saving tens of thousands in interest — the calculator shows exactly how much.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a table showing every payment on a loan over its full term: the payment number, the amount going to principal, the amount going to interest, and the remaining balance after each payment.
How do I read an amortization schedule?
Start at the first row and move down. The interest column is largest early on and shrinks over time, while the principal column grows. The balance column falls to zero at the final payment. Total interest is the sum of the interest column.
How can I pay off my loan faster?
The two most common strategies are an extra monthly payment and a lump-sum payment applied to principal. Both reduce the balance directly, which lowers the interest charged each month and shortens the term. This calculator shows the impact of a recurring extra payment.
Does making extra payments really reduce interest?
Yes. Interest is charged on the remaining balance, so any extra amount that reduces the balance also reduces every future interest charge. On a 30-year mortgage, even a small recurring extra payment can save tens of thousands of dollars.