Loan amortization schedule explained β reading the table and using it to pay off debt faster
2026-09-22
An amortization schedule lists every payment over the life of a loan, split into interest and principal, with the remaining balance. It answers the questions lenders don't volunteer: how much you will still owe in three years, and how much of your money has gone to interest by then.
Open the calculator
The columns
- Payment β what you send each month (constant for fixed-payment loans)
- Interest β balance Γ monthly rate; falls every month
- Principal β payment minus interest; rises every month
- Balance β what remains after this payment
Three things to do with it
- Check the balance before selling or refinancing β that is your payoff amount
- Compare total interest between a 15- and 30-year term
- See the break-even month for a refinance: compare cumulative interest on both schedules
Fixed payment vs equal principal
Most consumer loans use a fixed payment. Equal-principal loans (common for business and in some countries) pay the same principal each month plus falling interest, so the first payment is highest and total interest is lower. Switch the calculator between the two to see the difference on your numbers.