Mortgage Amortization Calculator
Calculate your monthly payment, total interest paid, and see a detailed year-by-year amortization schedule. Add extra payments to see how much interest you can save.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
How It Works
Monthly Payment Formula
The standard amortization formula calculates your fixed monthly payment (principal and interest):
Where P is the loan amount, r is the monthly interest rate (annual rate / 12), and n is the total number of payments.
Amortization Schedule
Each payment is split between interest and principal. Early payments are mostly interest; later payments are mostly principal. This table aggregates payments by year.
Extra Payments
Any extra monthly payment goes directly toward reducing the principal. This shortens your loan term and reduces total interest paid. Even small extra payments can save thousands over the life of the loan.
Frequently Asked Questions
Does this include taxes and insurance?
No. This calculator shows principal and interest (P&I) only. Your total monthly housing payment (PITI) also includes property taxes, homeowners insurance, and possibly PMI.
Is there a penalty for extra payments?
Most conventional and FHA loans allow extra principal payments without penalty. Check your loan terms to confirm.
Fixed vs adjustable rate?
This calculator assumes a fixed interest rate for the entire term. Adjustable-rate mortgages (ARMs) may start with a lower rate that changes after an initial period.
How much can extra payments save me?
Try entering $100 or $200 as an extra payment to see the impact. On a $300,000 loan at 6.5%, an extra $200/month saves over $80,000 in interest and shortens the loan by about 6 years.
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