Loan Amortization Schedule
Calculate your detailed loan repayment plan. View principal vs. interest breakdown, test extra payments, and analyze your debt-free date.
Loan Details
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter details and click Calculate | ||||
About
A loan amortization schedule is a crucial tool for anyone with a mortgage, car loan, or personal debt. It breaks down every payment over the life of the loan, distinguishing between the portion that pays off interest and the portion that reduces the principal balance. In the early years of a long-term loan, payments are primarily interest-heavy, meaning the actual debt decreases slowly.
This calculator not only generates the standard schedule but allows you to simulate the impact of extra payments. By adding even a small amount to your monthly payment, you can drastically reduce the total interest paid and shorten the loan term by years. Understanding this math is the first step toward financial freedom.
Formulas
The monthly payment (M) is calculated using the standard annuity formula:
Where:
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate / 12)
- n = Total Number of Payments (Years × 12)
Reference Data
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,073.64 | $240.31 | $833.33 | $199,759.69 |
| 2 | $1,073.64 | $241.31 | $832.33 | $199,518.38 |
| 3 | $1,073.64 | $242.32 | $831.32 | $199,276.06 |
| ... | ... | ... | ... | ... |