Amortization Calculator
Monthly payment summary — enter your email to unlock the full payment-by-payment table.
Monthly Payment
$1,996
360 payments over 30 years
Cost Breakdown
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,995.91 | $245.91 | $1,750.00 | $299,754.09 |
| 2 | $1,995.91 | $247.34 | $1,748.57 | $299,506.75 |
| 3 | $1,995.91 | $248.78 | $1,747.12 | $299,257.97 |
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Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table of loan payments, showing how each payment is split between principal and interest, and the remaining balance after each payment.
Why do early payments have more interest?
Interest is calculated on the remaining balance. Early in the loan, the balance is high so more of each payment goes toward interest. Over time the balance drops, so more of each payment reduces principal.
How does making extra principal payments help?
Extra principal payments directly reduce the outstanding balance, which lowers future interest charges and shortens the loan term — potentially saving thousands of dollars.