Payment schedule
See every payment from now until you're debt-free.
The Payment Schedule shows your complete amortization table—every single month's payment breakdown from today through your final payment. This is where you see exactly how your mortgage works and why extra payments have such powerful impact.
What you'll learn:
How to read your payment schedule
Understanding principal vs interest columns
Why the ratio shifts dramatically over time
How extra payments appear in your schedule
Exporting your schedule for records
What Is the Payment Schedule?
The Payment Schedule is a month-by-month breakdown of your entire loan, showing:
Payment number - Which payment this is (1, 2, 3... through final)
Date - Month and year of payment
Payment amount - Your required monthly payment
Principal - Amount reducing your loan balance
Interest - Amount paid to your lender
Extra payments - Additional amounts you've added
Balance - Remaining principal after this payment
Think of it as a roadmap: Every row is one month of your journey to debt freedom. The schedule shows exactly where you are, where you're going, and how you'll get there.
Accessing Your Payment Schedule
From the Tab Bar:
Tap the Schedule tab at the bottom of the screen
What you'll see:
A scrollable table showing every payment from your next payment through your final payment when balance reaches $0.
The Payment Schedule shows your complete loan timeline
Reading the Schedule: Column by Column
Payment Number
Format: #1, #2, #3... through final payment
What it means: The sequential number of each payment since your loan started.
Example: Payment #93 means this is your 93rd payment since you started the loan.
Why it matters: Helps you track progress. If you have 360 payments total (30-year loan), you're 25.8% through when you reach payment #93.
Date
Format: Month Year (e.g., "Nov 2025")
What it means: When this payment is due.
Detail: PayOff Pro calculates based on monthly intervals from your loan start date. If you started in January 2018, payments fall in January, February, March, etc. of each year.
Payment Amount
Format: Dollar amount (e.g., $2,175.98)
What it means: Your required monthly principal + interest payment.
Important: This is your base payment, not including:
Extra payments you've added
Escrow for taxes/insurance
PMI or other add-ons
Why it's constant: Fixed-rate mortgages have the same payment every month. The split between principal and interest changes, but total payment stays the same.
Principal
Format: Dollar amount (e.g., $404.10)
What it means: The portion of your payment that reduces your loan balance.
Key insight: This amount increases every month. As your balance shrinks, less interest is owed, so more of your payment goes to principal.
Example progression for a $378,000 loan at 5.625%:
Payment 1: $404.10 to principal
Payment 60: $549.32 to principal (5 years in)
Payment 180: $928.74 to principal (15 years in)
Payment 300: $1,570.22 to principal (25 years in)
Notice: By payment 300, nearly 4x as much goes to principal compared to payment 1, even though your total payment is exactly the same.
Interest
Format: Dollar amount (e.g., $1,771.88)
What it means: The portion of your payment that goes to your lender as the cost of borrowing.
Key insight: This amount decreases every month. As your balance shrinks, less interest accrues.
How it's calculated:
Example for payment 1:
Example for payment 2:
The difference? Only $1.81 less interest in month 2. But that $1.81 compounds over the remaining 358 payments.
Extra Payments
Format: Dollar amount when present (e.g., "+$500.00")
What it means: Additional principal payments you've recorded beyond your required payment.
Display: Shows in the same row as the regular payment it accompanied, or on its own row if made separately.
Impact: Extra payments reduce your balance faster, which reduces all future interest charges.
Example:
That $500 extra saves you approximately $1,840 in interest over the remaining loan life, because you've permanently reduced your balance by $500.
Remaining Balance
Format: Dollar amount (e.g., $377,595.90)
What it means: How much principal you still owe after this payment.
Key insight: This is your actual loan balance—what you'd need to pay to own your home outright today (plus whatever interest has accrued since last payment).
Progression: Watch this number decrease. Early in your loan it drops slowly ($400/month). Later it drops quickly ($1,500/month with the same payment).
Understanding the Principal vs Interest Shift
The most important insight from your schedule: The ratio of principal to interest changes dramatically over your loan life.
Early Payments (Years 1-10)
Typical split: 20% principal, 80% interest
Example (Payment 1 of $378k loan at 5.625%):
Total payment: $2,175.98
To principal: $404.10 (18.6%)
To interest: $1,771.88 (81.4%)
Why: You owe a lot of principal ($378,000), so interest charges are high. Most of your payment covers interest.
Middle Payments (Years 10-20)
Typical split: 50% principal, 50% interest
Example (Payment 180 of same loan):
Total payment: $2,175.98
To principal: $928.74 (42.7%)
To interest: $1,247.24 (57.3%)
Why: You've paid down principal to about $259,000. Interest charges are lower, so more of your payment attacks principal.
Late Payments (Years 20-30)
Typical split: 80% principal, 20% interest
Example (Payment 340 of same loan):
Total payment: $2,175.98
To principal: $1,874.51 (86.1%)
To interest: $301.47 (13.9%)
Why: You owe only $64,000 principal. Interest charges are minimal, so nearly all your payment reduces principal.
Why This Shift Matters
Understanding this progression reveals why extra payments early in your loan are so powerful:
Scenario: Add $500 extra in payment 1
Reduces balance by $500 immediately
That $500 less balance means less interest every single month for 30 years
Total interest saved: ~$1,840
Scenario: Add $500 extra in payment 300 (year 25)
Reduces balance by $500 immediately
That $500 less balance saves interest for only 5 years
Total interest saved: ~$140
Same $500, but ~13x more savings when paid early. This is the power of understanding your payment schedule.
How Extra Payments Appear
When you record an extra payment in PayOff Pro, the schedule updates to show:
Extra Payment with Regular Payment
Shows in the same row:
Schedule Adjustment
After an extra payment, all future rows recalculate automatically.
What changes:
All future balances are lower
All future interest charges are lower
All future principal portions are higher
Payoff date moves sooner
Example impact of $500 extra:
Payment #94 balance: $203,551.54 (instead of $204,051.54)
Payment #94 interest: $1,324.41 (instead of $1,326.75) - saves $2.34
That $2.34 savings happens every month for the rest of the loan
Total savings: $1,840 over life of loan
Payoff date: 1 month sooner
Exporting Your Schedule
Save your complete amortization schedule as a CSV file for:
Your personal records
Financial planning
Tax preparation
Sharing with advisors
How to Export
Interest Savings from Extra Payments
Compare current schedule to original.
Look for:
How much sooner you'll pay off
Total interest with extra payments vs without
Monthly interest saved going forward
Example: Adding $200/month to a $378k loan at 5.625%:
Years saved: 6.2 years
Interest saved: $87,450
New payoff: Year 23.8 instead of year 30
Your Acceleration Rate
How fast your balance drops over time.
Compare:
Balance decrease in year 1: ~$5,000
Balance decrease in year 15: ~$15,000
Balance decrease in year 29: ~$25,000
Same payment, increasing impact — that's amortization at work.
Common Questions
Why does my payment stay the same but principal increases?
Fixed-rate mortgages have constant payments. As your balance shrinks, less interest accrues, so more of that constant payment goes to principal.
Think of it as: Your $2,175.98 payment is a constant pot of money. Early on, interest takes most of it. Late in the loan, principal gets most of it. The pot size doesn't change—just the split.
How often should I check my schedule?
Recommended: Monthly after making your payment.
Why: Seeing your progress reinforces momentum. Watching your balance drop and interest shrink motivates continued extra payments.
Also check: After adding extra payments to see immediate impact on payoff date.
Can I print my schedule?
Yes. Export as PDF for a printable version, or export CSV and print from Excel/Numbers with your preferred formatting.
Why doesn't my schedule match my lender's exactly?
Common reasons:
Rounding differences: Slight variations in rounding methods (usually differ by pennies)
Payment timing: Your lender might show different dates based on processing vs due date
Escrow inclusion: Some lender statements mix loan payments with escrow
Fees: Your lender might include fees not part of principal/interest
What to verify: Principal balance should match within a few dollars. If it's off by hundreds, check your interest rate and payment amount.
Workaround on the pennies: Always round the extra payment so it evens out the balance.
What happens if I miss a payment?
In PayOff Pro: The schedule shows your standard progression assuming you make all payments.
In reality: Missing a payment incurs late fees, may affect your balance, and pushes your payoff date later.
Update your schedule: If you miss a payment, update your balance in PayOff Pro to reflect the new reality.
Using Your Schedule for Planning
Test Extra Payment Strategies
Plan for Payoff Milestones
Identify key dates:
When you'll reach 50% paid
When principal exceeds interest
When you'll drop below $100k balance
Your projected payoff date
Set calendar reminders for these milestones to celebrate progress.
Related Features
This schedule integrates with other PayOff Pro features:
Dashboard Cards Your Dashboard shows summary data pulled from this schedule:
Current balance (from this month's row)
Next payment breakdown (next month's row)
Progress percentage (current row vs final row)
Your Payment Schedule Is Your Roadmap
Every row in your schedule represents one month of progress toward debt freedom. Some insights:
Early rows feel slow: $400/month of principal feels like forever
Middle rows build momentum: $900/month shows real progress
Late rows accelerate fast: $1,800/month means finish line is visible
The truth: Every single payment matters. That's why understanding your schedule empowers better financial decisions.
Last Updated: 2025-10-16 Guide Version: 1.0 App Version: PayOff Pro v1
Last updated