Loan Details
Enter your loan information to generate the schedule
Your Results
Your $320,000 loan will cost $407,000 total over 30 years — that's $207,000 in interest. In Year 1, 72% of each payment goes to interest. By Year 15, only 38% goes to interest as you build equity faster.
Loan Summary
Equity Builder
Principal vs Interest Over Time
Watch how your payments shift from interest to principal as the loan matures
Loan Balance Over Time
See how your balance decreases and equity builds throughout the loan
Amortization Schedule
Complete payment breakdown for your loan
| Year | Beginning Balance | Principal Paid | Interest Paid | Ending Balance | Cumulative Interest |
|---|---|---|---|---|---|
| Total | — | $320,000 | $408,185 | $0 | $408,185 |
Payment Milestones
Key moments in your loan payoff journey
First $50K Principal
Month 72 Dec 203025% Paid Off
Month 108 Dec 203350% Paid Off
Month 198 Jun 2041Loan Payoff
Month 360 Jan 2055Understanding Amortization
What Is Amortization?
Amortization is the process of spreading out a loan into a series of fixed payments over time. Each payment covers both principal (the original amount borrowed) and interest (the cost of borrowing).
In the early years of a mortgage, most of your payment goes toward interest. As time goes on, more of each payment goes toward paying down the principal. This gradual shift is what the amortization schedule shows.
How to Read an Amortization Schedule
- Payment Number: Which payment in the sequence (1-360 for a 30-year loan)
- Payment Amount: Your fixed monthly P&I payment
- Principal: The portion that reduces your loan balance
- Interest: The cost of borrowing for that period
- Balance: What you still owe after the payment
Why Interest Is Front-Loaded
Interest is calculated on your remaining balance. Since your balance is highest at the start, so is your interest charge. As you pay down the principal, interest decreases and more of your fixed payment goes toward principal.
Strategies to Pay Off Faster
Make Extra Principal Payments
Even $100/month extra can save years and tens of thousands in interest.
Switch to Biweekly Payments
Equals 13 monthly payments per year instead of 12.
Apply Windfalls to Principal
Tax refunds, bonuses, or inheritances make a big impact early.
Refinance to Shorter Term
15-year loans have lower rates and build equity faster.
Frequently Asked Questions
An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is paid off. It shows exactly how much of each payment goes toward reducing your debt vs paying interest costs.
Interest is calculated as a percentage of your outstanding balance. Since your balance is highest at the beginning of the loan, so is your interest charge. As you pay down the balance over time, the interest portion decreases and more of your fixed payment goes toward principal.
Extra payments go directly toward reducing your principal balance. This has two effects: (1) your loan pays off faster because there's less to pay down, and (2) you pay less total interest because interest is calculated on a smaller balance. Even small extra payments can save thousands over the life of the loan.
Generally no. Making extra payments reduces your principal and shortens your loan, but doesn't let you skip future payments. Your regular monthly payment is still due each month. Some lenders offer "payment holiday" programs, but these typically add missed payments to the end of your loan with additional interest.
When you refinance, you're essentially starting a new loan. Your amortization schedule resets with the new loan amount (your current balance plus closing costs), new rate, and new term. This is why refinancing to a new 30-year loan can lower payments but increase total interest paid—you're restarting the front-loaded interest cycle.