Amortization Calculator
See exactly how each payment splits between principal and interest over the life of a loan.
Your details
Monthly payment
$1,896.20
- Principal$300,000
- Total interest$382,633
- Total interest
- $382,633
- Total paid
- $682,633
- Number of payments
- 360
- Term
- 30 years
Payment schedule
How your balance falls year by year.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
About the amortization calculator
Amortization is the process of paying off a loan with regular payments. Early on, most of each payment goes toward interest; over time, more goes toward principal. This calculator builds the full schedule so you can see the crossover.
Use the yearly schedule to see how your balance falls each year, and how much interest you pay along the way. Making extra payments early has the biggest impact on total interest.
Frequently asked questions
Why does so much of my early payment go to interest?+
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and more of each payment reduces the principal.
How do extra payments help?+
Extra payments go straight to principal, which reduces the balance interest is charged on. Paying extra early in the loan saves the most interest overall.