What Is Amortization Schedule?

An amortization schedule is a payment-by-payment table that maps out your entire mortgage, showing exactly how much of each payment goes to principal, how much goes to interest, and what your remaining balance is afterward. You can request one from your lender or generate one with a free online calculator.

For example, on a $300,000 loan at 7% for 30 years (360 payments of $1,996), the schedule shows payment one splitting into $1,750 interest and $246 principal, leaving a $299,754 balance. Payment 180 (halfway) splits roughly $1,166 interest and $830 principal with about $199,700 remaining. By payment 350, only $114 is interest and $1,882 is principal. Reviewing the schedule helps you see the total interest cost—about $418,527 over 30 years on this example.

Key Facts

• Total payments: A 30-year mortgage has 360 monthly payments; a 15-year has 180
• Interest over life: On a $300,000 loan at 7% for 30 years, you pay roughly $418,500 in total interest
• Halfway balance: At payment 180 of a 30-year loan at 7%, about 67% of the original balance remains
• Extra payment impact: Adding $100/month to principal from the start cuts roughly 5 years off a 30-year schedule
• Lender requirement: Lenders must provide an amortization schedule or payment breakdown upon request

Frequently Asked Questions

Where can I get my amortization schedule?

Your lender can provide one, and most online mortgage calculators generate a full amortization schedule instantly. Just enter your loan amount, interest rate, and term. Many lender portals also display a running schedule that updates as you make payments.

How does an extra payment change the schedule?

Any extra principal payment reduces your remaining balance immediately, which lowers the interest charged on the next payment. This creates a ripple effect through the rest of the schedule, shortening your loan term and reducing total interest paid. Even one extra payment per year makes a noticeable difference.