Amortization Schedule Calculator
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Monthly Payment$2,086.16
Total Interest$431,017.89
Total Cost$751,017.60
Loan Amount$320,000.00
Amortization Schedule
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An amortization schedule shows every payment over the life of the loan, broken into principal and interest. Early payments are mostly interest; later payments are mostly principal — because interest is calculated on the remaining balance, which decreases over time.
Jane Smith, CFPCFP®
Reviewed 2025-01-15 · View methodology
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table showing each loan payment broken down into principal and interest components, along with the remaining balance after each payment.
Why do early payments mostly go toward interest?
Interest is calculated on the outstanding balance. Early in the loan, the balance is highest so interest is highest. As principal is paid down, each subsequent payment applies more toward principal.
How do extra principal payments work?
Making additional principal payments reduces your balance faster, shortening the loan term and saving interest. Even small extra payments early in the loan can save thousands in interest.
What is a biweekly mortgage payment?
Instead of 12 monthly payments, you make 26 biweekly half-payments (equivalent to 13 full payments per year). The extra payment each year reduces principal faster, typically cutting 4–6 years off a 30-year mortgage.
Does refinancing reset my amortization?
Yes. When you refinance, a new amortization schedule begins from the start. Even if you refinance to a lower rate, resetting the clock on a 30-year mortgage means early payments are again mostly interest.
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