An amortization schedule is the exact principal and interest breakdown for each of the scheduled monthly payments made during the duration of any loan term. For instance, a 30 year mortgage would have 360 scheduled monthly payments, a 20 year mortgage would have 240 scheduled monthly payments, a 15 year mortgage would have 180 scheduled monthly payments, etc., etc. You will see from any amortization schedule that, during the earlier payments, considerably more of the scheduled monthly payment goes to interest and the smaller remaining balance is applied to principal, thereby reducing the loan balance. Conversely, you will see that the later payments will show the opposite, that is, considerably more of the scheduled monthly payment goes to principal with less and less going to interest.

This section of our website will allow you to view a complete amortization schedule for almost any loan scenario you can come up with. In addition to providing the principal and interest breakdown for each payment, it will provide you with this breakdown annually as well as for the entire term of the loan. The interest breakdown may help you with future tax planning since mortgage interest is a tax deductible expense.

If you would like to create a specific amortization schedule, simply enter the following items: