How do I get an amortization schedule for my loan?
Most lenders provide an amortization schedule in your loan agreement or account dashboard. You can also use a free online amortization calculator — enter the loan amount, interest rate, and term.
Glossary
Loan Amortization
The process of spreading loan payments across the loan term, with each payment covering both interest and principal. Early payments are interest-heavy; later payments shift toward principal.
In depth
Understanding Loan Amortization
Amortization schedules show exactly how each payment is split between principal and interest over the life of the loan. Because interest is calculated on the remaining balance, extra payments early in the loan reduce total interest paid significantly. Harbor Lenders works with participating lenders that offer fully amortizing personal loans with fixed monthly payments.
FAQs
Common questions
Does paying extra reduce how much interest I pay?
Yes. Extra payments reduce the principal balance, which reduces the interest charged in future months. Check your loan agreement for any prepayment penalty before making extra payments.
Related terms
See also
Loan Principal
The original amount borrowed, not including interest or fees. Monthly payments reduce the principal balance over the life of the loan.
Read more →Loan Term
The length of time you have to repay a loan, typically expressed in months. Common personal loan terms range from 12 to 60 months.
Read more →Installment Loan
A loan repaid in fixed, regular payments over a set period. Each payment typically covers both principal and interest, and the loan is fully paid off at the end of the term.
Read more →Prepayment Penalty
A fee some lenders charge if you pay off a loan early. It compensates the lender for interest income they expected to earn over the full loan term.
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