Amortization Schedule
Principal and interest only. Extra payments come off the balance. This is not a Closing Disclosure, and it does not include taxes, insurance, or a prepayment penalty.
Put in the loan, or open the sample. The sample is $10,000 at 6% for one year, plus $100 extra each month.
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This link carries monthly or biweekly, the years, the rate, and the first payment date. It does not carry the loan amount or the extras.
/tools/amortization-extra-payments?freq=monthly&years=30&rate=6&start=2026-01-15
$860.66, then four cents
The worked example is $10,000 at 6% for one year, first payment 15 Jan 2026. The monthly payment is $860.66. The first month's interest is $50.00, because 6% of $10,000 for a twelfth of a year is $50 exactly. Principal that month is $810.66. The balance is $9,189.34.
Twelve payments do not land on zero, because each month's interest is rounded half up to the cent. Four cents are left. The next row, 15 Jan 2027, pays $0.04 and the balance is $0.00. Total interest is $327.96. That last row is rounding, not a balloon payment. A balloon, in the CFPB's words, is a final payment much larger than the others. This is the opposite.
A hundred dollars extra
The sample adds $100 to every monthly payment. Interest falls from $327.96 to $295.77. That is $32.19 less interest, and the loan ends in 11 payments instead of 13. The first month's interest is still $50.00, because the extra has not reduced the balance yet. It reduces the balance after that interest is charged.
An extra dated after the payoff is listed and not applied. An extra larger than the remaining balance is cut to what is left. The balance does not go below zero. Once a year, the anniversary extra lands on the payment that falls on that month and day. Your lender may not apply a partial or extra payment this way. The CFPB notes that a lender can refuse a partial payment, hold it, or charge a late fee until you make up the difference. Read the note.
Half a payment, every 14 days
Switch to every 14 days and the payment becomes $430.33, which is half of $860.66. The first period's interest is $23.08. A full year of that rhythm is 26 half payments, the cash of 13 monthly payments, and the interest uses one twenty-sixth of the annual rate. This sample does not need all 26. It ends on 3 Dec 2026 after 24 payments, and the interest total is $290.01.
That is not the same thing as staying on a monthly calendar and tossing in one extra full payment. The first interest number is the tell. If a calculator still shows $50.00 on a "biweekly" plan, it is still thinking in months.
What this table leaves out
Taxes, insurance, and mortgage insurance are not in the payment. The CFPB's Closing Disclosure explainer says principal and interest usually make up the main part of the payment, and the total is typically more. Escrow is not here. A rate lock is not here. The APR is a different measure of cost than the note rate this table multiplies. If the payment ever fails to cover the interest, the balance rises and the page says so. That is negative amortization, and the bureau says most loans do not have it. A percent question belongs on the Percentage Calculator. What a dollar was worth in another month belongs on the Inflation Calculator.
Questions
Is this my Closing Disclosure?
No. The CFPB Closing Disclosure, last modified on the bureau's site on 10 Oct 2023, is the lender's form. Principal and interest are only part of the monthly payment. Taxes, insurance, and mortgage insurance sit outside this table. A prepayment penalty, if your note has one, is not subtracted here. The APR on that form is not the rate this page uses.
What does every 14 days mean?
The payment is half of the monthly payment, and it is due every 14 days. That is 26 payments in a year, not a monthly schedule with a 13th payment dropped in. Interest each period is the annual rate divided by 26, rounded half up to the cent. On the $10,000 sample at 6%, the monthly interest total is $327.96. The 14-day version's interest total is $290.01, and it is paid off on 3 Dec 2026.
Why is the last payment four cents?
On $10,000 at 6% for one year, the regular payment is $860.66. Interest each month is rounded half up to the cent. After 12 of those payments, four cents are still sitting there, so 15 Jan 2027 is a $0.04 payment and the balance is zero. The balance does not go negative. An extra larger than what you owe is cut down to what you owe.
Do the amounts leave this tab?
The loan amount and the extras stay in the tab. Close it and they are gone. This browser remembers monthly or biweekly, the years, the rate, and the first payment date, under softery.amortization-extra-payments.settings. Clear saved setup removes that. The share link carries those four knobs and not the dollars. Mixpanel and Google Analytics load with Softery.io. They see that someone opened the tool. They get a size band and a row count. They do not get the loan amount.