APR Desk
APR Desk · Schedule

Amortization schedule calculator

Yearly totals and a month-by-month table

An amortization schedule shows where each payment goes. Early months are mostly interest because the balance is large. Later months are mostly principal. This page builds that table from the principal, APR, and term you enter, and it can add a fixed extra amount to every payment. A yearly summary sits above the months so you do not have to add a year by hand.

Inputs

Result

Enter principal, APR, and term to build the schedule.

Disclaimer: A planning estimate. Your lender’s schedule can differ because of fees, a different first-period interest, or a rate that changes.

A home price and a down payment are easier on the mortgage payment calculator. Bring the principal here when you want the table.

How to use

  1. Enter the principal and the APR.
  2. Enter the term in months or switch the unit to years. Sixty months and five years are the same term.
  3. Leave the extra payment at zero for the contractual schedule, or type an amount you would add every month.
  4. Press Calculate. Read the yearly summary first, then the months. Long loans show the first year and the last few months in the month table so the page stays usable.

How it's calculated

Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), or P ÷ n if r is 0
Month interest = starting balance × r
Principal portion = payment − interest

r is the APR divided by 12 and by 100. The payment is the fully amortizing payment for the term, plus any extra you typed. Each row reduces the balance by the principal portion. The next row’s interest is smaller because it uses the new balance. That is the whole schedule: the same rule, repeated.

The payoff calculator on the home page summarizes one loan and shows a shortened table. This page is the schedule itself, with yearly totals. Paying extra as a comparison of two interest totals, without the table, is the extra payment calculator.

Worked example

A $15,000 balance at 6 percent for 60 months has a payment of $289.99 before any extra. The first month’s interest is 15,000 × 0.005 = $75.00, so $214.99 goes to principal and the balance becomes $14,785.01. The second month’s interest is slightly less than $75. The yearly table adds those months so you can see the shift from interest toward principal.

Assumptions and sources

The schedule uses a monthly rate of APR ÷ 12 and a payment due every month until the balance is gone. It does not model daily interest, biweekly payments, or a rate that adjusts. Rounding is to the cent only in the display; the running balance uses the full payment math, so the last payment may be a few cents different from the regular payment. That is normal for an amortization table.

FAQ

Why is the first payment mostly interest?

Interest is the balance times the monthly rate. The balance is largest at the start, so the interest slice is largest then. The payment amount stays the same, so the principal slice grows.

What does the extra payment do in the table?

It increases every payment. The loan ends before the original term, and later rows disappear because the balance is already zero.

Can the term be in years?

Yes. Choose Years in the unit menu. The calculator multiplies by 12 before it builds the rows.

Why are some months missing on a long loan?

A 30-year loan has 360 rows. The month table shows the first 12 and the last 6 when the loan is longer than 36 months. The yearly summary still covers every year.

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