Amortization Calculator
Enter your loan details to see your monthly payment and a complete month-by-month amortization schedule. Download the full schedule as a CSV file.
Loan Details
Monthly Payment
$1,896.20
Principal vs. Interest by Year
Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jun 2026 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | Jul 2026 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | Aug 2026 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | Sep 2026 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | Oct 2026 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | Nov 2026 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | Dec 2026 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | Jan 2027 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | Feb 2027 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | Mar 2027 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | Apr 2027 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | May 2027 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
| 13 | Jun 2027 | $1,896.20 | $289.37 | $1,606.84 | $296,357.46 |
| 14 | Jul 2027 | $1,896.20 | $290.93 | $1,605.27 | $296,066.52 |
| 15 | Aug 2027 | $1,896.20 | $292.51 | $1,603.69 | $295,774.01 |
| 16 | Sep 2027 | $1,896.20 | $294.09 | $1,602.11 | $295,479.92 |
| 17 | Oct 2027 | $1,896.20 | $295.69 | $1,600.52 | $295,184.23 |
| 18 | Nov 2027 | $1,896.20 | $297.29 | $1,598.91 | $294,886.94 |
| 19 | Dec 2027 | $1,896.20 | $298.90 | $1,597.30 | $294,588.04 |
| 20 | Jan 2028 | $1,896.20 | $300.52 | $1,595.69 | $294,287.52 |
| 21 | Feb 2028 | $1,896.20 | $302.15 | $1,594.06 | $293,985.37 |
| 22 | Mar 2028 | $1,896.20 | $303.78 | $1,592.42 | $293,681.59 |
| 23 | Apr 2028 | $1,896.20 | $305.43 | $1,590.78 | $293,376.16 |
| 24 | May 2028 | $1,896.20 | $307.08 | $1,589.12 | $293,069.08 |
Frequently Asked Questions
What is amortization?
Amortization is the process of paying off a loan through regular fixed payments over time. Each payment covers some interest and reduces the principal balance. Early payments are mostly interest; later payments are mostly principal.
How is the monthly payment calculated?
The formula is: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments. This is a standard actuarial formula used by all lenders.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but dramatically less total interest paid — often 50–60% less. A 30-year has lower monthly payments but you pay nearly twice the interest over the loan's life. Use the calculator above to compare both scenarios with your specific numbers.
How can I pay off my loan faster?
Making extra payments directly to principal is the most effective method. Even one extra payment per year significantly reduces your total interest and shortens your loan term. Some lenders also allow bi-weekly payments, which result in one extra monthly payment per year.
Does the amortization schedule change if I make extra payments?
Yes — any extra payment toward principal recalculates the remaining schedule. The monthly payment stays the same, but you'll pay off the loan earlier and save on total interest. Our current calculator assumes standard monthly payments without extra payments.
This calculator is for informational purposes only. Results are estimates based on standard amortization formulas. Actual loan terms may vary by lender. Does not account for taxes, insurance, or PMI. Not financial advice.