Let's say you've decided to finance the purchase of a new car with a $30,000 loan at an annual interest rate of 5%. The loan term is 5 years, and you've opted for monthly payments. Construct a detailed amortization schedule outlining the monthly payment amount, interest paid, principal paid, and outstanding loan balance for each month of the loan term. Additionally, analyze the total interest paid over the life of the loan and determine the impact of making extra principal payments on the loan's payoff timeline.