Build a loan amortization schedule with dates
Enter the loan amount, rate and term, choose how often you pay and when the first payment is due, and you get the payment, the total interest, the payoff date and a full schedule. Switch between a yearly summary and every single payment, add an extra amount per payment, and print or share the result.
Reading an amortization schedule
Each payment is split in two. The interest part is the balance multiplied by the period's interest rate; the rest reduces the principal. Because the balance is highest at the start, early payments are mostly interest. On a 280,000 dollar loan at 6.5% over 30 years, the first year's payments include about 18,108 dollars of interest and only 3,130 of principal. By the final years almost the whole payment is principal.
Payment frequency
Mortgages and car loans are usually monthly, but many business, farm and private loans are paid quarterly, twice a year or annually, and some are paid weekly or every two weeks. Choose the frequency that matches your loan agreement and the payment and interest are calculated for that period. Pick the month of the first payment and every row gets its real date, which makes the schedule useful for accounting and for checking a lender's statement.
Note that a biweekly loan here means a loan written with 26 payments a year. To see the effect of paying half your monthly mortgage payment every two weeks, which adds one extra payment a year, use the biweekly option in the mortgage calculator.
The effect of extra payments
Every extra dollar goes straight to principal, so it cuts the interest on every payment that follows. On the example loan, an extra 200 dollars a month finishes the loan in about 22.8 years instead of 30 and saves about 101,000 dollars of interest. The calculator shows both the new payoff date and the interest saved.
Uses for a schedule
- Checking that a lender's statement matches the loan terms.
- Seeing the balance at a future date, for a sale or a refinance.
- Splitting interest and principal for tax records or a business's accounts.
- Comparing terms or rates before you sign.
Estimates only, not financial advice. Assumes a fixed rate. Your lender's statement is the authoritative schedule for your loan.