Amortization Calculator
Your monthly payment and full amortization schedule with payment dates for any fixed-rate mortgage or loan: principal and interest in every payment, extra payments, payoff date and a CSV download.
How amortization works
A fixed-rate loan has the same payment every month, but the split changes. Interest is charged on the balance still owed, so early payments are mostly interest. Example: on $300,000 at 6.5% for 30 years, the payment is $1,896.20. The first one is $1,625.00 interest and $271.20 principal; half the balance is not repaid until payment 257 of 360, and total interest over the loan is $382,637.
Paying extra principal shortens the loan and cuts interest, and it works best early, when the balance is largest. For a mortgage with a payoff goal (pay off by a date, or recast after a lump sum), use the mortgage payoff calculator. For today's rates see mortgage rates and the 10-year Treasury yield they follow.
Reading the schedule
- Principal: the part of each payment that lowers what you owe.
- Interest: the balance times the monthly rate; it falls as the balance falls.
- Extra: additional principal you choose to pay; the payment amount itself does not change.
- Balance: what you still owe after that payment. Your lender's figures can differ by a few cents because of rounding and the day the payment posts.
Frequently Asked Questions
What is an amortization schedule?
A table of every payment on a fixed-rate loan showing how much goes to interest, how much to principal, and the balance left afterwards. The payment stays the same, but early payments are mostly interest and later ones mostly principal.
How is the monthly payment calculated?
With the standard formula: payment = loan x r / (1 - (1 + r)^-n), where r is the annual rate divided by 12 and n is the number of monthly payments. Each month, interest is the balance times r, and the rest of the payment reduces the balance.
How much do extra payments save?
On a $300,000 loan at 6.5% for 30 years, $200 extra a month cuts the loan from 360 to 277 payments and saves $103,450 of interest. Enter your own numbers above; ask your lender to apply extra money to principal.
Does this include taxes and insurance?
No. It shows principal and interest only. A mortgage payment usually also includes property tax, homeowners insurance and sometimes mortgage insurance, collected through escrow. The mortgage calculator adds those.
