Generate a full amortization schedule showing each payment broken down into principal and interest. Supports monthly and biweekly frequencies.
An amortization schedule is a period-by-period table showing how each payment is split between principal and interest. Early in a fixed-rate loan, the interest portion is usually larger because the outstanding balance is still high. As the balance declines, more of each payment shifts toward principal.
Understanding the schedule makes it easier to see the full borrowing cost, the pace of balance reduction, and the trade-offs between loan terms or payment frequencies. It is useful as an independent planning view when you want to compare scenarios, sanity-check disclosures, or see how much of the payment is really reducing the balance in the early years.
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-equivalent payment annually. That often shortens the payoff timeline, though the exact effect depends on the starting rate, term, and loan balance.
The most revealing columns are the interest and principal portions. Watch how the ratio shifts over time. The crossover point — where principal exceeds interest in each payment — depends on the loan rate and term, but on long fixed-rate mortgages it often arrives much later than borrowers expect.
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This page applies the standard fixed-rate amortization formula to the entered loan amount, annual rate, term, and payment frequency. Each period recalculates interest from the remaining balance, applies the rest of the payment to principal, and updates the balance until payoff, which is how the schedule, total interest, and total paid figures are produced.
It is a planning schedule rather than a lender or servicer statement. Escrow, fee posting, prepayments, ARM resets, and loan-servicing rules are not modeled unless the user builds them into a separate scenario.
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 the standard fixed-rate amortization formula. A lender or servicer statement may still differ slightly because of rounding, payment posting dates, escrow handling, or loan-specific servicing rules.
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.