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Mortgage amortization calculator
See where every payment goes, year by year, and what an extra principal payment each month does to your payoff date and total interest.
Reading the schedule
On a 30-year fixed loan, the payment never changes, but what it buys does. In the first year at today’s rates, most of each payment is interest. The interest portion shrinks every month because it is figured on a smaller balance, and the principal portion grows to match. Somewhere past the middle of the loan the two cross, and from there principal takes over.
That shape is why extra payments early in a loan are so effective, and why the balance on a recently refinanced 30-year loan falls slowly at first.
Using it to plan
Wondering what you will owe when you sell in seven years? Find year seven in the balance column. Thinking about a HELOC? Your current balance and your home’s value set how large a line you can open. Weighing a refinance? The refinance calculator shows the break-even point on closing costs.
Questions people ask
What is an amortization schedule?
It shows how each payment splits between interest and principal over the life of the loan, and what you still owe at the end of each year. Early payments are mostly interest; later ones are mostly principal.
Does extra principal really make a difference?
Yes, especially early. Every extra dollar of principal stops accruing interest for the rest of the loan. Enter an extra monthly amount above to see the new payoff date and total interest.
Will paying extra lower my monthly payment?
Not on its own. Extra principal shortens the loan; the required payment stays the same. Some lenders will recast the loan, re-figuring a lower payment after a large lump-sum paydown, usually for a small fee.