Amortization Calculator
Generate a month-by-month schedule for a fixed-rate loan.
Loan details
Monthly payment:
| # | Payment | Principal | Interest | Balance |
|---|
How an amortization schedule works
Each monthly payment is the same fixed amount, but the split between principal and interest shifts over time. Early on, most of the payment covers interest on the large remaining balance; as the balance shrinks, less of each payment goes to interest and more goes to principal. This calculator uses the standard fixed-rate amortization formula and shows the first and last 12 months of the schedule (with the middle rows omitted) when the loan runs longer than 30 years.
Frequently asked questions
Why does so little principal get paid off in the first few years? On a 30-year loan, this is normal — a large share of early payments is interest because the balance (and therefore the interest charge) is still high. This is also why extra principal payments early in a loan save the most interest.
Does this include property taxes or insurance? No — this schedule covers principal and interest only. Actual monthly housing costs are often higher once taxes, insurance, and any mortgage insurance are added.
What happens if I make an extra payment? Extra payments reduce the principal balance directly, which reduces every future interest charge and shortens the loan — see the Mortgage Payoff Calculator to model that scenario.