What is an amortization schedule?
An amortization schedule lists each payment and shows how much goes to interest versus principal while your balance trends to zero.
Regular Payment
$0.00
/mo
Adjust inputs to compare baseline payoff against accelerated payoff.
Total Paid
$0.00
Total Interest
$0.00
Next Payment Date
-
Final Payoff Date
-
Interest Saved
$0.00
Months Saved
0
Balance Over Time
Pro tip: Extra payments work best when they stay consistent. Even a small recurring amount reduces principal early, which cuts future interest faster than a late lump sum of the same size.
Formula Blueprint
Calculation Contract
Active mode formula appears first. Switch repayment method to inspect the alternate model.
Standard fixed-payment amortization formula:
M = P * [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
P (Principal)$0.00
r (Periodic Rate)0.000000
n (Payments)0
Regular Payment$0.00
MethodAmortized
Display rounding: currency to cents, periodic rate to 6 decimals. Final payment is capped to avoid negative balance.
Principal vs Interest
Pro tip: Interest looks small here because recurring extra payments reduce balance faster, which leaves fewer periods for interest to compound.
Amortization
Schedule
| # | Period | Payment | Principal | Interest | Balance |
|---|
Common Questions
Loan Amortization FAQs
Understand how payment schedules, extra payments, and repayment structure affect payoff.
How do extra payments change the payoff date?
Extra payments are applied directly to principal, which lowers future interest accrual and usually shortens the total number of payment periods.
Amortized vs equal principal: what is different?
Amortized loans use a steady scheduled payment (before extras), while equal-principal loans hold principal constant so payment amounts start higher and decline over time.
Can I compare monthly and annual schedules?
Yes. The table can toggle between period-level details and annual aggregates while keeping the same payoff scenario assumptions.
What happens when APR is 0%?
The calculator automatically switches to straight-line principal division with no interest charges.
Can compounding and payment frequency differ?
Yes. The engine converts your nominal APR to an effective per-payment periodic rate based on the selected compounding and payment frequencies.
Data Integrity
Methodology and source verification
The schedule math on this page is cross-checked against standard amortization formulas, closed-end credit APR rules, and federal principal-and-interest disclosure guidance. The calculator estimates how payments, extra principal, and timing assumptions affect payoff, but it does not replace your lender's servicing records, contractual posting rules, or official payoff statement.
Verified
Reference basis: the calculation engine builds a period-by-period amortization schedule, applies the selected repayment method, and adjusts balance reduction as extra payments are introduced. The explanatory copy is anchored to CFPB guidance on APR and principal-and-interest payment structure, plus Regulation Z closed-end credit calculation rules.
CFPB Regulation Z Appendix J
Used for the actuarial closed-end credit framework that underpins amortization schedules and APR-related loan calculations.
View Appendix J to Regulation ZCFPB APR determination rule
Used for the formal definition of APR as a yearly cost measure tied to the amount and timing of payments.
Read the APR determination ruleCFPB Loan Estimate principal and interest guidance
Used for explaining scheduled principal-and-interest payments and how payment frequency is framed in federal disclosures.
View principal and interest disclosure guidanceCFPB simple vs. precomputed interest
Used for the distinction between declining-balance interest behavior and other lender-specific interest structures that can change results.
Read the interest structure comparison