Mortgage Amortization Calculator
Calculate your mortgage amortization schedule and see how each payment is split between principal and interest
The Mortgage Amortization Calculator shows you exactly how your mortgage payments are applied over time. See the breakdown of principal and interest for each payment, track your remaining balance, and understand how extra payments can dramatically reduce your total interest costs and payoff time.
Loan Details
Extra Payments (Optional)
Payment Summary
Amortization Schedule
| Year | Payments | Principal | Interest | Balance |
|---|---|---|---|---|
| 2025 | $13,273 | $1,930 | $11,344 | $298,070 |
| 2026 | $20,858 | $3,184 | $17,675 | $294,887 |
| 2027 | $22,754 | $3,696 | $19,059 | $291,191 |
| 2028 | $22,754 | $3,943 | $18,811 | $287,248 |
| 2029 | $22,754 | $4,207 | $18,547 | $283,041 |
| 2030 | $22,754 | $4,489 | $18,265 | $278,552 |
| 2031 | $22,754 | $4,790 | $17,965 | $273,763 |
| 2032 | $22,754 | $5,110 | $17,644 | $268,652 |
| 2033 | $22,754 | $5,453 | $17,302 | $263,200 |
| 2034 | $22,754 | $5,818 | $16,937 | $257,382 |
| 2035 | $22,754 | $6,207 | $16,547 | $251,174 |
| 2036 | $22,754 | $6,623 | $16,131 | $244,551 |
| 2037 | $22,754 | $7,067 | $15,688 | $237,485 |
| 2038 | $22,754 | $7,540 | $15,214 | $229,945 |
| 2039 | $22,754 | $8,045 | $14,710 | $221,900 |
| 2040 | $22,754 | $8,584 | $14,171 | $213,316 |
| 2041 | $22,754 | $9,159 | $13,596 | $204,157 |
| 2042 | $22,754 | $9,772 | $12,983 | $194,386 |
| 2043 | $22,754 | $10,426 | $12,328 | $183,959 |
| 2044 | $22,754 | $11,125 | $11,630 | $172,835 |
| 2045 | $22,754 | $11,870 | $10,885 | $160,965 |
| 2046 | $22,754 | $12,665 | $10,090 | $148,300 |
| 2047 | $22,754 | $13,513 | $9,242 | $134,787 |
| 2048 | $22,754 | $14,418 | $8,337 | $120,370 |
| 2049 | $22,754 | $15,383 | $7,371 | $104,986 |
| 2050 | $22,754 | $16,414 | $6,341 | $88,573 |
| 2051 | $22,754 | $17,513 | $5,242 | $71,060 |
| 2052 | $22,754 | $18,686 | $4,069 | $52,374 |
| 2053 | $22,754 | $19,937 | $2,817 | $32,437 |
| 2054 | $22,754 | $21,272 | $1,482 | $11,165 |
| 2055 | $11,377 | $11,165 | $213 | $0 |
How to Use
1. Enter your loan amount, interest rate, and term
2. Choose your payment frequency (monthly, bi-weekly, or weekly)
3. Set your first payment date
4. Add any extra payments you plan to make
5. Review the complete amortization schedule
6. Switch between yearly and monthly views
7. See how extra payments reduce total interest
Understanding Amortization
What is Amortization?
Amortization is the process of paying off a loan through regular payments over time. Each payment covers both interest and principal.
Early vs. Late Payments:
Early payments are mostly interest, while later payments are mostly principal. This is why extra payments early in the loan save more money.
Extra Payment Benefits
Why Make Extra Payments?
• Reduce total interest paid significantly
• Pay off your mortgage years earlier
• Build equity faster
• Achieve financial freedom sooner
Best Strategies:
• Add extra to monthly payments
• Make bi-weekly payments instead of monthly
• Apply windfalls (bonuses, tax refunds)
Payment Frequency Impact
Frequency Comparison:
• Monthly: 12 payments per year
• Bi-weekly: 26 payments per year (equivalent to 13 monthly)
• Weekly: 52 payments per year
More frequent payments reduce the principal faster, resulting in less interest over the life of the loan.
Example Calculation
$300,000 Loan at 6.5% for 30 years:
• Monthly payment: $1,896
• Total payments: $682,632
• Total interest: $382,632
• With $200 extra monthly: Save $78,000 in interest
• Time saved: 7 years, 1 month
Frequently Asked Questions
Should I make extra payments or invest?
Compare your mortgage rate to expected investment returns. If you can earn more investing, that may be better.
When should I refinance instead?
If rates have dropped significantly since you got your loan, refinancing might save more than extra payments.
Are there prepayment penalties?
Most modern mortgages don't have prepayment penalties, but check your loan terms to be sure.