Loan Amortization Calculator
Calculate your loan amortization schedule, see how your payments break down between principal and interest over time, and understand the impact of different payment frequencies.
Category: Financial
Payment Amount
$1,013.37
per month
Loan Amount
$200,000.00
Total Interest
$164,813.42
Total Payments
360
Total Cost
$364,813.42
Amortization Schedule
- Remaining Balance
- Principal Paid
- Interest Paid
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $3,226.45 | $8,933.99 | $196,773.55 |
| 2 | $3,374.68 | $8,785.77 | $193,398.87 |
| 3 | $3,529.71 | $8,630.74 | $189,869.16 |
| 4 | $3,691.86 | $8,468.59 | $186,177.30 |
| 5 | $3,861.47 | $8,298.98 | $182,315.83 |
| 6 | $4,038.86 | $8,121.59 | $178,276.97 |
| 7 | $4,224.41 | $7,936.04 | $174,052.57 |
| 8 | $4,418.47 | $7,741.97 | $169,634.09 |
| 9 | $4,621.46 | $7,538.99 | $165,012.64 |
| 10 | $4,833.77 | $7,326.68 | $160,178.87 |
| 11 | $5,055.83 | $7,104.62 | $155,123.04 |
| 12 | $5,288.09 | $6,872.35 | $149,834.95 |
| 13 | $5,531.03 | $6,629.42 | $144,303.92 |
| 14 | $5,785.12 | $6,375.33 | $138,518.80 |
| 15 | $6,050.89 | $6,109.56 | $132,467.91 |
| 16 | $6,328.87 | $5,831.58 | $126,139.04 |
| 17 | $6,619.61 | $5,540.83 | $119,519.43 |
| 18 | $6,923.72 | $5,236.73 | $112,595.71 |
| 19 | $7,241.79 | $4,918.66 | $105,353.92 |
| 20 | $7,574.48 | $4,585.97 | $97,779.45 |
| 21 | $7,922.45 | $4,238.00 | $89,857.00 |
| 22 | $8,286.40 | $3,874.04 | $81,570.59 |
| 23 | $8,667.08 | $3,493.37 | $72,903.52 |
| 24 | $9,065.24 | $3,095.20 | $63,838.27 |
| 25 | $9,481.70 | $2,678.75 | $54,356.57 |
| 26 | $9,917.29 | $2,243.16 | $44,439.29 |
| 27 | $10,372.89 | $1,787.56 | $34,066.40 |
| 28 | $10,849.41 | $1,311.03 | $23,216.99 |
| 29 | $11,347.83 | $812.61 | $11,869.15 |
| 30 | $11,869.15 | $291.30 | $0.00 |
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and interest that comprises each payment until the loan is paid off at the end of its term. Initially, most of each payment goes toward interest, but as the loan matures, larger portions go toward paying down the principal.
How can payment frequency affect my loan?
Making payments more frequently (bi-weekly or weekly instead of monthly) can reduce the total interest paid over the life of the loan and shorten the loan term. This is because you make more payments per year, reducing the principal faster and decreasing the interest that accrues.
What happens if I make extra payments on my loan?
Extra payments directly reduce your principal balance, which reduces the interest that accumulates. This can significantly decrease the total interest paid over the life of the loan and shorten your loan term.
Why does more of my payment go to interest at the beginning of the loan?
Loans are structured so that interest is calculated on the outstanding principal. At the beginning of the loan, your principal balance is at its highest, so more interest accumulates. As you pay down the principal, less interest accrues, and more of your payment goes toward the principal.