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An amortization schedule shows how each payment is divided between interest and principal. This helps explain why early payments often reduce the principal slowly.
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Amortization is the process of paying off a loan with level payments where the split between interest and principal shifts over time. An amortization schedule shows, month by month, how much of each payment is interest, how much reduces the balance, and what you still owe.
Payment = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]; Interestₖ = Balanceₖ × r
The level payment comes from the standard formula; each month's interest is the current balance times the monthly rate r, and the rest of the payment reduces the principal. The balance carried forward feeds into the next month's interest.
The schedule reveals the 'interest front-loading' of loans: in the early years most of your payment is interest. That's why making extra principal payments early, or refinancing sooner rather than later, has an outsized effect.
