Generate a full amortization schedule showing each payment broken down into principal and interest. Supports monthly and biweekly frequencies.
An amortization schedule is a complete table of loan payments showing exactly how much of each payment goes toward principal and how much goes toward interest. Early in the loan, most of your payment covers interest. Over time, the split shifts — more goes toward principal and less toward interest. For a typical 30-year mortgage, the crossover point where principal exceeds interest does not occur until roughly the midpoint of the loan.
Understanding your amortization schedule reveals the true cost of borrowing. You can see how slowly your balance drops in the early years, how much total interest you will pay, and the exact payoff date. This knowledge empowers you to make strategic decisions about extra payments, refinancing, or choosing a different loan term. Lenders are required to provide this schedule at closing, but having your own independent version lets you verify their numbers and model what-if scenarios.
This calculator generates a full period-by-period breakdown for any loan amount, rate, and term. You can toggle between monthly and biweekly payment frequencies to compare how accelerated payments affect your total interest and payoff timeline.
Most borrowers only know their monthly payment — not how it is allocated. An amortization schedule exposes the interest-heavy early years and helps you decide whether extra payments, a shorter term, or a different rate would save meaningful money. Comparing monthly versus biweekly schedules shows how one small change can shave years off your loan.
Monthly Payment M = P × r(1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly rate, n = total payments. Each period: Interest = Balance × r, Principal = M − Interest, New Balance = Balance − Principal.
Result: $1,995.91/mo — $418,527 total interest over 360 payments
A $300,000 loan at 7% for 30 years produces a $1,995.91 monthly payment. The first payment allocates $1,750.00 to interest and only $245.91 to principal. By payment #180 (halfway), the split is roughly even. Over the full 360 payments, you pay $418,527 in total interest — more than the original loan amount.
Amortization means spreading a loan into a series of fixed payments over time. Each payment covers both interest charges and principal repayment. The formula ensures the loan is fully paid off by the last payment, with no remaining balance.
Monthly payments are the standard — 12 payments per year over the loan term. Biweekly schedules split each monthly payment in half, paid every two weeks. Because there are 26 biweekly periods per year (not 24), you effectively make one extra monthly payment annually. On a 30-year mortgage, this typically shaves 4–6 years off the term.
The most revealing columns are the interest and principal portions. Watch how the ratio shifts over time. For a 30-year loan at 7%, the crossover point — where principal exceeds interest in each payment — occurs around year 17. Everything before that point is majority interest.
An amortization schedule is a table listing every payment over the life of a loan. Each row shows the payment number, amount allocated to interest, amount allocated to principal, and the remaining balance. It provides a complete roadmap of how the loan is paid off.
Interest is calculated on the outstanding balance. Early in the loan, the balance is highest, so the interest charge is largest. As you pay down principal, interest charges shrink and more of each payment goes toward principal. This is called front-loaded interest.
Biweekly payments divide your monthly payment in half and pay it every two weeks. Since there are 52 weeks per year, you make 26 half-payments — equivalent to 13 monthly payments instead of 12. That one extra payment per year reduces total interest and shortens the loan by several years.
Yes. Amortization works the same for any fixed-rate, fixed-term loan. Enter the loan amount, rate, and term regardless of the loan type. The schedule will be accurate for mortgages, auto loans, personal loans, and student loans with fixed terms.
This calculator uses standard amortization formulas. Your actual schedule may differ slightly due to rounding, payment processing dates, or specific lender calculation methods. It should be accurate within a few dollars per payment.
Extra payments reduce the principal balance faster, which reduces interest on subsequent payments. This shortens the loan term and reduces total interest paid. Use our Extra Mortgage Payment Calculator for that specific scenario.