What is Amortization Table?

The Amortization Table calculates your complete loan repayment schedule showing each payment's breakdown into principal and interest. See exactly how much you pay over the life of any loan and how extra payments reduce total interest.

Behind the scenes the calculator uses the standard mortgage formula, then walks each month: interest on the remaining balance, principal as the leftover, balance reduced accordingly. Extra payments go straight to principal, which is why a small monthly top-up snowballs into years off the term.

How to use

1. Enter your loan amount, annual interest rate, and loan term in years or months.
2. Optionally add a monthly extra payment amount to see how it shortens the loan and saves interest.
3. View the full payment schedule with running balances, or download the table for your records.

When to use

• Shopping for a mortgage and comparing the true cost of 15-year versus 30-year terms.
• Deciding whether to refinance — paste your current rate next to a quoted rate to see lifetime savings.
• Working out how much extra you can afford per month and seeing the payoff date jump forward.

Result

A $250,000 mortgage at 6.5% for 30 years has a monthly payment of $1,580.17 and total interest of $318,861.22. Adding $200/month extra saves $97,618 in interest and pays the loan off nearly 8 years early.

FAQ

How is the monthly payment actually calculated?

The amortization formula is M = P x r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly rate (annual rate / 12), and n is the number of monthly payments. Every other column is derived from there.

Why does almost every dollar go to interest at the start?

Interest each month is charged on the outstanding balance, which is highest at the beginning. On a 30-year mortgage you typically don't cross the 50/50 principal-to-interest split until roughly year 18, depending on the rate.

Do extra payments really save that much interest?

Yes, because each extra dollar paid early removes future interest on that dollar for every remaining month. Try a $200 monthly add on the default $250,000 example and watch the total interest drop by about $97,600 — nearly 8 years off the term.

Can I model a loan in months instead of years?

Switch the term unit to months and enter a value directly, useful for car loans, personal loans, or short-term business notes where 60 or 84 months is the common quote rather than fractional years.

Does this handle interest-only or balloon loans?

No, the schedule assumes a fully amortizing fixed-rate loan with equal payments. Interest-only periods, balloon payments, and adjustable-rate mortgages need a different calculator — this one is built around the standard amortizing structure.

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