See exactly how your loan balance shrinks over time. Enter your loan details to generate a year-by-year table of principal paid, interest paid, and remaining balance.
An amortization schedule shows how each payment on a loan splits between interest and principal over time. Early in the loan, most of each payment goes toward interest; later, more goes toward paying down the principal.
This tool generates a year-by-year summary: for each year, how much you paid in principal, how much in interest, and what your remaining balance is. This makes it easy to see, for example, how much you'd save in interest by paying off a loan a few years early.
Interest is calculated on your remaining balance each period. Early on, the balance is largest, so the interest portion is largest too — as the balance shrinks, more of each payment goes to principal.
This shows a year-by-year summary, which is easier to read for long loans. Each year's principal and interest paid are totaled together.
Yes — the formula works for any fixed-rate, fixed-term loan: mortgages, car loans, personal loans, or student loans.
Look at how much interest is paid in the early years — extra payments made early in the loan term reduce the balance while interest is at its highest, saving the most money over the life of the loan.