Number Amortization Calculator
See every payment for the life of a loan — principal, interest and remaining balance — and exactly how extra payments pull your payoff date forward.
Payment schedule
| Period | Payment | Principal | Interest | Extra | Balance |
|---|
The schedule starts next month and assumes every payment is made on time. Extra payments go straight to principal.
How it works
Each month the lender charges interest on the remaining balance (balance × annual rate ÷ 12); the rest of your payment reduces principal. Early on, most of the payment is interest; near the end, most is principal. Extra payments skip the interest step entirely — they cut principal directly, so every later month charges less interest. The "interest saved" figure compares your schedule against the same loan with no extra payments.
Frequently asked questions
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. On a $250,000 loan at 6.5%, the first payment is about $1,354 interest and only $226 principal. The split flips as the balance falls.
Is it better to pay extra monthly or one lump sum?
Earlier money works harder, because it stops interest from being charged on that principal for every remaining month. A lump sum in month 12 saves more than the same total spread later — compare both above.
What does "amortization" actually mean?
It is the process of paying a loan off in fixed installments over time, with each payment split between interest and principal according to the remaining balance.
Does this schedule include taxes and insurance?
No — this is the loan itself (principal and interest). If your lender collects escrow for taxes and insurance, your real monthly outlay is higher.
🔑 Already have a mortgage?
The Mortgage Payoff Calculator starts from your current balance and shows your debt-free date with extra payments.