Free Loan Repayment Schedule
Template & Amortization Calculator

A loan repayment schedule (also called an amortization schedule or payment schedule) is a detailed table showing every single payment over the life of a loan. For each payment, it shows: payment number, payment date, total payment amount, the portion going to interest, the portion going to principal, and the remaining balance after the payment. This breakdown is critical for understanding the true cost of a loan, planning your budget, and evaluating whether to make extra payments. Every standard loan (mortgages, auto loans, personal loans, student loans) is structured as an amortizing loan and follows this same mathematical pattern. Our tool generates a complete schedule for any loan parameters you enter.

The standard amortizing loan payment formula is: P = L · r(1+r)^n ÷ ((1+r)^n − 1). Where: P = periodic payment, L = original loan amount (principal), r = periodic interest rate (annual rate ÷ number of payments per year), n = total number of payments. Example: $10,000 loan at 12% APR for 36 months: r = 0.12/12 = 0.01, n = 36, P = 10000 × 0.01 × (1.01)^36 / ((1.01)^36 - 1) = $332.14/month. This formula ensures each payment is identical in amount, but the split between principal and interest changes every payment as the balance decreases. Our calculator uses this exact formula and applies the proper compounding for each payment frequency.

In each payment period, interest is calculated on the current outstanding balance: Interest = Balance × (APR ÷ periods/year). When the balance is high (early in the loan), interest is large, leaving less for principal reduction. As principal is paid down, the balance shrinks, so the interest portion of each payment decreases and the principal portion grows. Example on a 30-year, $300K mortgage at 6.7%: Payment 1: $1,675 interest + $264 principal = $1,939. Payment 360 (final): $11 interest + $1,928 principal = $1,939. The total payment stays the same, but the composition reverses dramatically. This is why making extra principal payments early has such an outsized impact — you're cutting future interest accruals on a balance that would otherwise stay high for years.

The savings depend on your loan amount, interest rate, term, and how much/when you pay extra. General guidelines: Extra recurring payment: even $50/month extra on a $200K mortgage at 6.7% saves approximately $30,000 in total interest and shaves 4+ years off the term. $100/month extra saves $55K+ and 6+ years. One-time lump sum: a $5,000 lump sum in year 2 of a 30-year mortgage at 6.7% saves approximately $19,000 in interest and shortens the loan by 14 months. Bi-weekly payments instead of monthly: results in 13 monthly payments per year (52 bi-weekly = 26 = equivalent to 13 monthly). On a $250K, 30-year mortgage at 6.7%, this saves approximately $48,000 and pays off 5 years early. Our calculator's "Extra Payment Scenarios" section lets you input your specific extra payments to see exact savings for your loan.

No, they are different though often confused. Interest rate: the cost of borrowing the principal balance, expressed as a percentage. This is what's used to calculate interest in the amortization formula. APR (Annual Percentage Rate): a broader measure that includes the interest rate PLUS lender fees, points, mortgage insurance, and other costs, expressed as an annualized percentage. APR is mandated by the federal Truth in Lending Act (TILA) so consumers can compare loans on equal footing. APR is always equal to or higher than the interest rate. Example: a mortgage with a 6.5% interest rate and $5,000 in fees might have a 6.7% APR. For most loan calculators (including ours), the rate you input should be the simple interest rate (sometimes called "note rate"), not APR. If you want to factor in fees, use our "Origination Fee" toggle. APR is most useful for comparing loan offers, but interest rate is what determines your actual payment amount.

A balloon payment is a large lump-sum payment due at the end of certain loan terms. Instead of fully amortizing the loan over the term (where the final payment fully pays off the balance), a balloon loan has smaller regular payments throughout, then one big final payment for the remaining balance. Common with: auto loans (especially with manufacturer financing), commercial real estate loans, business equipment loans, owner-financed home sales, and short-term bridge loans. Pros: lower regular payments throughout the term, freeing up cash flow. Cons: requires a plan for the final payment — usually refinancing, selling the asset, or having significant cash on hand. Risk: if you can't make the balloon payment and can't refinance, you may default. Our calculator's balloon toggle lets you specify a final balloon amount and recalculates the regular payments accordingly to amortize only the difference between principal and balloon.

Bi-weekly payments are scheduled every 2 weeks (every other Friday, for example). Since there are 52 weeks in a year, this results in 26 bi-weekly payments per year. If each bi-weekly payment is exactly half of your monthly payment, you'll make the equivalent of 13 monthly payments per year (26 ÷ 2 = 13) instead of 12. This extra payment per year is applied entirely to principal, dramatically accelerating payoff. Example on a $200K, 30-year mortgage at 6.7%: monthly payments total = ~$1,290 × 360 = $464K. Bi-weekly equivalent = ~$645 × 26 × 30 = ~$502K... but actually pays off in 25 years instead of 30, saving approximately $48K in interest. Important caveat: many lenders charge a fee to set up "official" bi-weekly programs. You can achieve the exact same effect for free by simply paying 1/12 extra principal with each monthly payment, or by making one extra full payment per year directly to principal. Always verify with your lender that extra payments are applied to principal, not future interest.

It depends on the type of loan and how the loan funds were used: Mortgage interest: deductible on your primary or secondary home, on the first $750,000 of mortgage debt for loans originated after Dec 15, 2017 (Tax Cuts and Jobs Act limit). For loans before that date, the limit is $1 million. Must itemize deductions on Schedule A. Student loan interest: up to $2,500/year is deductible above the line (no need to itemize). Phases out for higher incomes — for 2026, full deduction phases out between $85,000-$100,000 MAGI for single filers, $170,000-$200,000 for MFJ. Business loan interest: fully deductible as a business expense. Investment loan interest: deductible up to your net investment income (Form 4952). NOT deductible: personal loan interest, credit card interest, auto loan interest (for personal vehicles), payday loan interest. Always verify current rules at irs.gov or with a tax professional, as tax laws change.

Refinancing makes sense when one or more of these are true: (1) Rate decrease of 1%+ available — a 1% rate reduction on a $250K mortgage saves approximately $50K over 30 years. (2) Improved credit score — if your credit went from 680 to 760 since the original loan, you may now qualify for significantly better rates. (3) Switch from variable to fixed — eliminates rate uncertainty (or vice versa if you can lock in lower variable). (4) Shorten the term — refinance from 30-year to 15-year saves enormous interest, though monthly payment is higher. (5) Cash-out refinance — tap home equity for major expenses (be cautious about converting unsecured debt to secured). Calculate the break-even point: divide refinance closing costs by monthly payment savings. If you'll stay in the home longer than the break-even, refinance is worth it. Refinance costs typically range 2-5% of the loan amount in closing costs. Use our calculator to model the new loan and compare against your current schedule.

Yes! Our tool offers three export formats: (1) CSV download — click "Download CSV" to get a comma-separated values file that opens directly in Microsoft Excel, Google Sheets, Apple Numbers, or any spreadsheet application. The CSV includes payment number, date, payment amount, principal, interest, extra payment, and balance for every payment. (2) Print to PDF — click "Print PDF" to generate a clean, print-formatted version of the entire schedule that you can save as PDF using your browser's print dialog (choose "Save as PDF" as the destination). Perfect for archives, sharing with co-signers, or attaching to loan agreements. (3) Copy as text — click "Copy Table" to copy the entire schedule as tab-separated text that pastes cleanly into spreadsheets, emails, or documents. All three formats are free and require no sign-up.

This calculator assumes a fixed interest rate throughout the loan. For variable-rate loans like ARMs (Adjustable Rate Mortgages) and HELOCs (Home Equity Lines of Credit), the rate changes periodically based on an index (typically SOFR plus a margin in 2026). To use this calculator with a variable-rate loan: (1) For initial period: use the current rate to model expected payments during the fixed-rate intro period. (2) For "what if" scenarios: rerun the calculator with higher rates (e.g., +1%, +2%) to see how payments would change in different rate environments. (3) Consider rate caps: most ARMs have annual and lifetime caps (e.g., 2% annual, 5% lifetime). The maximum possible rate = initial rate + lifetime cap. (4) Convert to fixed: if you want certainty, refinance to a fixed-rate loan when rates are favorable. ARMs and HELOCs add significant complexity that no simple calculator can model precisely — consult your lender for the specific projections.