Mortgage Amortization Calculator
Explore the principle balance of your loan over its entire term. This calculator shows you what portion of your monthly payment goes towards interest and what is paying your balance. Over time, the interest amount goes down and the principal amount goes up.
See how your loan pays down
Watch your balance fall year by year, and see what an extra payment each month could save.
Year-by-year schedule
Principal and interest only. Sharing creates a link with the numbers you entered, so someone else can open the same results. Nothing you enter is saved on this site. These are estimates from the numbers you enter, not a loan offer or a rate quote. Your actual rate, payment and costs depend on your credit, the loan program and the property.
Shorter or longer term?
Put two loan options side by side, such as a 30-year and a 15-year, and see the payment and total interest for each. Use rates from a quote.
Principal and interest only. Sharing creates a link with the numbers you entered, so someone else can open the same results. Nothing you enter is saved on this site. These are estimates from the numbers you enter, not a loan offer or a rate quote. Your actual rate, payment and costs depend on your credit, the loan program and the property.
Reading Your Amortization Schedule
An amortization schedule shows how each payment is split between interest and principal. Early on, most of each payment goes to interest. Over time the split shifts, and more goes toward paying down your balance and building equity.
Ways to use it
- See how much equity you’ll have after a set number of years, useful if you plan to sell or tap equity with a HELOC later.
- Test how extra principal payments shorten your loan. Also try the bi-weekly calculator.
- Compare a shorter and longer loan term to see the difference in total interest.
Amortization Questions
Why does so little go to principal at first?
Interest is charged on your remaining balance, which is highest at the start. As the balance drops, the interest portion shrinks and more of each payment goes to principal.
How do extra payments change the schedule?
Extra money applied to principal lowers your balance right away, which cuts future interest and shortens the loan.
When can mortgage insurance come off?
On conventional loans you can usually request removal once you reach the equity level your loan allows, and it ends automatically later. FHA rules are different. Peter can check what applies to your loan.
Does refinancing restart my amortization?
Yes. A new loan starts a new schedule, which is why it’s worth comparing total interest, not just the monthly payment. See refinancing.