Calculate your monthly payment and view a year-by-year breakdown of principal and interest.
%
Monthly payment
$1,896
for 360 months (30 years)
Loan amount$300,000
Total interest$382,633
Total paid$682,633
Yearly amortization schedule
Year
Principal paid
Interest paid
Balance
1
$3,643
$21,008
$296,357
2
$3,597
$19,157
$292,760
3
$3,838
$18,916
$288,922
4
$4,095
$18,659
$284,827
5
$4,369
$18,385
$280,458
6
$4,662
$18,093
$275,796
7
$4,974
$17,780
$270,822
8
$5,307
$17,447
$265,514
9
$5,663
$17,092
$259,852
10
$6,042
$16,712
$253,810
11
$6,447
$16,308
$247,363
12
$6,878
$15,876
$240,485
13
$7,339
$15,415
$233,146
14
$7,831
$14,924
$225,315
15
$8,355
$14,399
$216,960
16
$8,914
$13,840
$208,046
17
$9,512
$13,243
$198,534
18
$10,149
$12,606
$188,386
19
$10,828
$11,926
$177,558
20
$11,553
$11,201
$166,004
21
$12,327
$10,427
$153,677
22
$13,153
$9,602
$140,524
23
$14,034
$8,721
$126,491
24
$14,973
$7,781
$111,517
25
$15,976
$6,778
$95,541
26
$17,046
$5,708
$78,495
27
$18,188
$4,567
$60,307
28
$19,406
$3,349
$40,901
29
$20,705
$2,049
$20,196
30
$20,196
$662
$0
This calculator shows the standard amortization for fixed-rate mortgages. Your actual payment may differ due to property taxes, insurance, HOA fees, or mortgage insurance bundled into your payment.
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What is the Mortgage Amortization Calculator?
A mortgage amortization calculator is a financial tool that generates an amortization schedule: a year-by-year table showing how a mortgage balance is paid down. For each year, it splits the total payments into principal (reducing the balance) and interest (cost of borrowing), then recalculates the interest on the remaining balance for the next period. This schedule reveals the true cost and timeline of mortgage repayment, essential for homeowners evaluating loans and planning early payoff strategies.
How it works
The calculator starts with your principal, interest rate, and term to compute a fixed monthly payment using the amortization formula. Then it loops through each month: calculates interest on the current balance, subtracts that interest from your payment to find the principal portion, reduces the balance, and moves to the next month. The calculator aggregates each month into years, showing total principal paid, total interest paid, and the remaining balance at the end of each year. Over time, you see interest payments shrink and principal payments grow as the balance declines.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]; Interest Each Month = Remaining Balance × (Annual Rate ÷ 12 ÷ 100); Principal Each Month = Payment − Interest
The first formula calculates your fixed monthly payment: P is the loan amount, r is the monthly interest rate (annual rate ÷ 100 ÷ 12), and n is the total number of months. For each month, interest accrues on the remaining balance, and the rest of your payment reduces principal. This repeats until the balance reaches zero.
Examples
Input
Result
Notes
Principal: $300,000 | Annual Interest: 6.5% | Term: 30 years
Monthly Payment: $1,896 | Year 1 Principal: $13,100 | Year 1 Interest: $19,040 | Year 30 Balance: $0
A typical 30-year mortgage. In year 1, you pay mostly interest; by year 30, nearly all of your payment goes to principal.
Principal: $400,000 | Annual Interest: 5.5% | Term: 15 years
Monthly Payment: $3,043 | Year 1 Principal: $31,268 | Year 1 Interest: $20,850 | Year 15 Balance: $0
A 15-year mortgage builds equity faster. Higher payments but you save $200,000+ in interest versus a 30-year term.
Principal: $250,000 | Annual Interest: 7.0% | Term: 20 years
Monthly Payment: $1,737 | Year 1 Principal: $14,225 | Year 1 Interest: $16,815 | Year 20 Balance: $0
A 20-year mortgage balances affordability and interest savings between the 15-year and 30-year options.
How to use the Mortgage Amortization Calculator
Enter the mortgage principal (amount borrowed) in your chosen currency.
Input the annual interest rate as a percentage (e.g., 6.5% for a typical mortgage).
Set the loan term in years (e.g., 30 for a standard mortgage, 15 for a shorter payoff).
The calculator instantly computes your fixed monthly payment and generates the amortization schedule.
Review the year-by-year table to see how principal and interest are split across your payments.
Adjust any input to run 'what-if' scenarios and compare different rates or terms instantly.
Benefits
See exactly how much principal and interest you pay in each year, helping you understand the true cost of borrowing.
Identify when your payments shift from mostly interest to mostly principal—motivating you to pay down principal faster.
Compare loan scenarios: a 15-year mortgage versus 30-year reveals the interest savings and payment differences instantly.
Plan for extra payments: adjust the term downward in the calculator to see how paying off 5 years early saves thousands in interest.
Verify your lender's figures: generate your own schedule to spot discrepancies or hidden fees in your mortgage documents.
Make confident financial decisions by understanding the full amortization before signing a 15- or 30-year mortgage agreement.
Tips & common mistakes
Common mistakes
Confusing annual and monthly interest rates—always enter the annual rate; the calculator handles the monthly conversion.
Forgetting that the amortization schedule shows principal and interest only, not property taxes, insurance, homeowners insurance, HOA fees, or mortgage insurance bundled into your payment.
Assuming an adjustable-rate mortgage (ARM) behaves like a fixed-rate mortgage—this calculator works only for fixed rates; ARMs reset periodically.
Ignoring early payment options—if you can pay extra toward principal, the schedule changes dramatically, but you must recalculate manually or adjust the term in the calculator.
Tips
Use the calculator to explore biweekly payments: a $300,000 loan with a 6.5% rate on a 30-year term becomes a 24-year loan with 26 biweekly payments annually instead of 12 monthly ones, cutting years off the term.
For mortgages, plug in a 15-year term versus 30-year to see the dramatic difference in total interest—often $200,000+ on a $400,000 home.
Test refinancing scenarios: if you've paid 10 years of a 30-year mortgage, calculate a new 20-year mortgage at a lower rate to see if the savings justify the refinancing costs.
Print or export the amortization schedule and share it with a financial advisor, real estate agent, or lender to verify accuracy and negotiate better terms.
Frequently asked questions
What is a mortgage amortization schedule?
A mortgage amortization schedule is a table showing every payment on a mortgage, split into principal and interest, along with the remaining balance. It shows how your debt declines over time and reveals how much you pay in total interest. The calculator generates this schedule annually, aggregating 12 months into each year.
Can I use this for adjustable-rate mortgages (ARMs)?
No—this calculator assumes a fixed interest rate for the entire term. If your mortgage has an adjustable or variable rate (common in ARMs or mortgages after an initial fixed period), the calculator shows only the payment during the fixed-rate phase. Consult your lender for ARM scenarios.
Why does my amortization schedule differ from my lender's?
The calculator shows principal and interest only. Your lender's statement may include property taxes, homeowners insurance, HOA fees, mortgage insurance (PMI), or other escrow items added on top. Compare the principal and interest columns to verify accuracy.
How does paying extra toward principal affect the schedule?
Extra principal payments reduce the loan balance faster, so you pay less interest over the life of the mortgage and shorten the term. You can simulate this by adjusting the term downward in the calculator to see the new schedule.
Is the amortization schedule accurate for all mortgage types?
Yes, for any fixed-rate mortgage: conventional mortgages, FHA loans, VA loans, and jumbo mortgages all use the same amortization formula. The formula works as long as your interest rate is fixed and your payment is constant.
Why is so much of my early payment going to interest?
Interest is calculated on the full remaining balance at the start of each period. Early on, the balance is highest, so interest is largest. As you pay down principal, the interest portion shrinks. This is how amortization works—it's normal and expected for mortgages.