Free calculator
Loan amortization schedule
Enter the loan amount, rate and term to see the payment and how each one splits between interest and principal, period by period or year by year. Add extra principal to see how much sooner the loan is paid off. Copy the schedule into Excel or download the template.
Loan
Optional
Paid on top of the scheduled payment. It shortens the loan and cuts interest.
Amortization schedule
| # | Payment | Interest | Principal | Extra | Balance |
|---|---|---|---|---|---|
| 1 | 4,891.54 | 1,354.17 | 3,537.37 | – | 246,462.63 |
| 2 | 4,891.54 | 1,335.01 | 3,556.53 | – | 242,906.10 |
| 3 | 4,891.54 | 1,315.74 | 3,575.80 | – | 239,330.30 |
| 4 | 4,891.54 | 1,296.37 | 3,595.17 | – | 235,735.13 |
| 5 | 4,891.54 | 1,276.90 | 3,614.64 | – | 232,120.49 |
| 6 | 4,891.54 | 1,257.32 | 3,634.22 | – | 228,486.27 |
| 7 | 4,891.54 | 1,237.63 | 3,653.91 | – | 224,832.36 |
| 8 | 4,891.54 | 1,217.84 | 3,673.70 | – | 221,158.66 |
| 9 | 4,891.54 | 1,197.94 | 3,693.60 | – | 217,465.06 |
| 10 | 4,891.54 | 1,177.94 | 3,713.60 | – | 213,751.46 |
| 11 | 4,891.54 | 1,157.82 | 3,733.72 | – | 210,017.74 |
| 12 | 4,891.54 | 1,137.60 | 3,753.94 | – | 206,263.80 |
| 13 | 4,891.54 | 1,117.26 | 3,774.28 | – | 202,489.52 |
| 14 | 4,891.54 | 1,096.82 | 3,794.72 | – | 198,694.80 |
| 15 | 4,891.54 | 1,076.26 | 3,815.28 | – | 194,879.52 |
| 16 | 4,891.54 | 1,055.60 | 3,835.94 | – | 191,043.58 |
| 17 | 4,891.54 | 1,034.82 | 3,856.72 | – | 187,186.86 |
| 18 | 4,891.54 | 1,013.93 | 3,877.61 | – | 183,309.25 |
| 19 | 4,891.54 | 992.93 | 3,898.61 | – | 179,410.64 |
| 20 | 4,891.54 | 971.81 | 3,919.73 | – | 175,490.91 |
| 21 | 4,891.54 | 950.58 | 3,940.96 | – | 171,549.95 |
| 22 | 4,891.54 | 929.23 | 3,962.31 | – | 167,587.64 |
| 23 | 4,891.54 | 907.77 | 3,983.77 | – | 163,603.87 |
| 24 | 4,891.54 | 886.19 | 4,005.35 | – | 159,598.52 |
| 25 | 4,891.54 | 864.49 | 4,027.05 | – | 155,571.47 |
| 26 | 4,891.54 | 842.68 | 4,048.86 | – | 151,522.61 |
| 27 | 4,891.54 | 820.75 | 4,070.79 | – | 147,451.82 |
| 28 | 4,891.54 | 798.70 | 4,092.84 | – | 143,358.98 |
| 29 | 4,891.54 | 776.53 | 4,115.01 | – | 139,243.97 |
| 30 | 4,891.54 | 754.24 | 4,137.30 | – | 135,106.67 |
| 31 | 4,891.54 | 731.83 | 4,159.71 | – | 130,946.96 |
| 32 | 4,891.54 | 709.30 | 4,182.24 | – | 126,764.72 |
| 33 | 4,891.54 | 686.64 | 4,204.90 | – | 122,559.82 |
| 34 | 4,891.54 | 663.87 | 4,227.67 | – | 118,332.15 |
| 35 | 4,891.54 | 640.97 | 4,250.57 | – | 114,081.58 |
| 36 | 4,891.54 | 617.94 | 4,273.60 | – | 109,807.98 |
| 37 | 4,891.54 | 594.79 | 4,296.75 | – | 105,511.23 |
| 38 | 4,891.54 | 571.52 | 4,320.02 | – | 101,191.21 |
| 39 | 4,891.54 | 548.12 | 4,343.42 | – | 96,847.79 |
| 40 | 4,891.54 | 524.59 | 4,366.95 | – | 92,480.84 |
| 41 | 4,891.54 | 500.94 | 4,390.60 | – | 88,090.24 |
| 42 | 4,891.54 | 477.16 | 4,414.38 | – | 83,675.86 |
| 43 | 4,891.54 | 453.24 | 4,438.30 | – | 79,237.56 |
| 44 | 4,891.54 | 429.20 | 4,462.34 | – | 74,775.22 |
| 45 | 4,891.54 | 405.03 | 4,486.51 | – | 70,288.71 |
| 46 | 4,891.54 | 380.73 | 4,510.81 | – | 65,777.90 |
| 47 | 4,891.54 | 356.30 | 4,535.24 | – | 61,242.66 |
| 48 | 4,891.54 | 331.73 | 4,559.81 | – | 56,682.85 |
| 49 | 4,891.54 | 307.03 | 4,584.51 | – | 52,098.34 |
| 50 | 4,891.54 | 282.20 | 4,609.34 | – | 47,489.00 |
| 51 | 4,891.54 | 257.23 | 4,634.31 | – | 42,854.69 |
| 52 | 4,891.54 | 232.13 | 4,659.41 | – | 38,195.28 |
| 53 | 4,891.54 | 206.89 | 4,684.65 | – | 33,510.63 |
| 54 | 4,891.54 | 181.52 | 4,710.02 | – | 28,800.61 |
| 55 | 4,891.54 | 156.00 | 4,735.54 | – | 24,065.07 |
| 56 | 4,891.54 | 130.35 | 4,761.19 | – | 19,303.88 |
| 57 | 4,891.54 | 104.56 | 4,786.98 | – | 14,516.90 |
| 58 | 4,891.54 | 78.63 | 4,812.91 | – | 9,703.99 |
| 59 | 4,891.54 | 52.56 | 4,838.98 | – | 4,865.01 |
| 60 | 4,891.36 | 26.35 | 4,865.01 | – | – |
Free Excel template
The workbook has the inputs at the top in blue, the payment from PMT, and a 360-row schedule that works out each period’s interest on the balance, so it handles extra principal. Change the loan and the schedule recalculates. It rounds interest to the cent each period, as the calculator does, so the two agree to the cent.
How the schedule is built
The calculator rounds each period’s interest to the cent, as a lender’s statement would, and trims the final payment to whatever is left so the balance ends at exactly zero. Excel’s IPMT and PPMT don’t round, so a schedule built with them can differ from this one by a few cents over a long loan.
Over five years the example loan costs $43,492.22 in interest, $293,492.22 in all. Microsoft notes that PMT’s payment covers principal and interest only, not taxes, reserve payments or fees.
For your books
Each payment reduces the loan payable by the principal portion and records the interest portion as expense. At a month end between payments, accrue the interest earned since the last one with the accrued interest calculator. Leases are different: under ASC 842 the lease liability calculator builds the schedule from the present value of the lease payments.
Loan amortization: questions
- How is a loan payment calculated?
- With the annuity formula: Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the rate per period and n the number of payments. A $250,000.00 loan at 6.5% for five years, paid monthly, has r = 6.5% ÷ 12 and n = 60, so the payment is $4,891.54.
- Why is so much of the first payment interest?
- Interest is charged on the balance still owed, which is highest at the start. The first payment in the example is $1,354.17 interest and $3,537.37 principal; by payment 12 the split is $1,137.60 and $3,753.94. The payment stays the same while the mix shifts toward principal.
- How much do extra payments save?
- Each extra dollar of principal stops accruing interest straight away. Adding $1,000.00 a month to the example pays the loan off in 49 payments instead of 60 and saves $8,654.43 of interest. Check first that your lender applies extra payments to principal and doesn't charge a prepayment penalty.
- How do I build an amortization schedule in Excel?
- Use PMT for the payment. For a loan without extra payments, IPMT and PPMT return the interest and principal in any period. With extra payments, work out each period's interest on the opening balance instead, as the free template on this page does. Microsoft's PMT documentation says to keep rate and nper in the same units: for monthly payments on a loan with an annual rate, divide the rate by 12 and multiply the years by 12.
- What's the journal entry for a loan payment?
- Debit the loan payable for the principal part, debit interest expense for the interest part, and credit cash for the full payment. The schedule's interest and principal columns give you both amounts for each period.
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Sources
Official documents read on November 5, 2026. Vendor facts are sourced on each listing.