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Example: $300,000 at 6.5% for 30 years
Payment $1,896.20 a month. Total interest $382,637 — more than the loan itself. Principal first exceeds interest in month 233 (year 20).
Assumptions
- Fixed rate; interest is charged monthly at APR ÷ 12 and rounded to the cent; the last payment absorbs rounding. Extra payments go straight to principal.
Frequently asked questions
What is an amortization schedule?+
A month-by-month table showing how each loan payment splits between interest and principal and what balance remains. Early payments are mostly interest; later payments are mostly principal.
Why is so much of my early payment interest?+
Interest is charged on the remaining balance, which is largest at the start. On a $300,000 30-year loan at 6.5%, the first payment of $1,896.20 includes $1,625.00 of interest; principal doesn't overtake interest until month 233.
How do extra payments change the schedule?+
Extra money goes straight to principal, so every later month charges interest on a smaller balance. Even $100 a month can cut years off a 30-year mortgage — add an extra payment above to see exactly how many.
Can I use this for car or personal loans?+
Yes. Any fixed-rate loan with equal monthly payments amortizes the same way — enter the amount, rate and term in months.
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Last reviewed October 15, 2026. Calculator version 1.0.0. Results are estimates for educational purposes, not financial, tax or lending advice. How we check our numbers.