An amortization schedule is a table that shows every payment on a loan, how much of it is interest, how much reduces the loan, and what you still owe afterwards. The calculator below builds one for any loan.
Example: $20,000 at 9% over 3 years
The monthly payment is $635.99. Interest each month is 9% ÷ 12 = 0.75% of the balance:
| Payment | Interest | Principal | Balance after |
|---|---|---|---|
| 1 | $150.00 | $485.99 | $19,514.01 |
| 2 | $146.36 | $489.64 | $19,024.37 |
| 3 | $142.68 | $493.31 | $18,531.05 |
| 12 | $108.37 | $527.63 | $13,921.38 |
| 24 | $58.87 | $577.12 | $7,272.54 |
| 36 | $4.73 | $631.26 | $0.00 |
What the schedule tells you
- Early payments are mostly interest. In month 1, $150 of the $636 payment is interest; by the last month it is under $5.
- You build equity slowly at first. After one year of this loan you have repaid only about $6,080 of the $20,000.
- Extra payments early save the most. Each extra dollar removes all the future interest on it. See how much overpaying saves.
Frequently asked questions
How is each month’s interest calculated?
Monthly interest = outstanding balance × yearly rate ÷ 12. The rest of the payment reduces the balance.
Where can I get my own schedule?
Your lender can provide one, or enter your loan details in the calculator above to see a year-by-year breakdown.
Related: How loan EMI is calculated · Mortgage calculator