Amortization Schedule Calculator
Generate detailed amortization schedule showing principal and interest breakdown by month. Calculate payoff date with extra payments.
How it works
Each payment = Principal + Interest. Interest = Current Balance × Monthly Rate. Principal = Payment - Interest.
Example
$300K at 6% for 30 years = $1,799/month, with extra $200 saves $89K and 8.5 years.
FAQ
How does loan amortization work?
Early payments are mostly interest, later payments are mostly principal. Each payment reduces the balance, so interest decreases and principal increases over time.
How much can extra payments save?
Extra principal payments can save thousands in interest and years off the loan term. Even $50-100 extra monthly makes a significant difference.
When should I make extra payments?
Make extra payments when you have low-rate debt and excess cash flow. Consider your other investment opportunities and tax benefits first.