Mortgage Amortization Calculator - Full Schedule
Free mortgage amortization calculator with complete payment schedule. Calculate principal and interest breakdown, extra payments, and accelerated payoff plans
Mortgage Amortization Calculator
Results
Amortization Schedule
First 12 Months Detail
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| Calculate to view schedule | |||||
Year-by-Year Summary
| Year | Principal Paid | Interest Paid | Total Paid | Balance |
|---|---|---|---|---|
| Calculate to view summary | ||||
Complete Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|
What is a Mortgage Amortization Calculator?
A mortgage amortization calculator is a powerful financial tool that creates a complete payment schedule for your home loan, showing exactly how each payment is split between principal and interest over the entire life of your mortgage. It helps you understand your loan payoff timeline and the true cost of borrowing.
This calculator helps with:
- Payment breakdown - See principal vs interest for every payment
- Payoff planning - Understand when you'll own your home outright
- Extra payment impact - Calculate savings from additional payments
- Interest analysis - See total interest costs over loan life
- Refinance decisions - Compare current vs new loan terms
For comprehensive mortgage planning, use our mortgage calculator to determine your total monthly payment including taxes and insurance, then use this amortization calculator to see the detailed payment breakdown.
If you're considering paying off your mortgage early or managing multiple debts, our repayment calculator can help you create an effective debt payoff strategy.
Looking to lower your rate or change loan terms? Our refinance calculator shows whether refinancing makes financial sense based on your current situation and potential new terms.
How Amortization Works
Mortgage amortization is the process of paying off your loan through regular monthly payments. Each payment covers both interest charges and principal reduction, but the proportion changes over time:
Early Years
Most of your payment goes toward interest because your loan balance is highest. Principal reduction is minimal.
Middle Years
Principal and interest portions gradually shift as your balance decreases. You start building equity faster.
Later Years
Most of your payment goes toward principal since the balance is low. Interest charges become minimal.
Key insight: This is why extra payments in the early years are so powerful. They reduce the principal when interest charges are highest, creating a compounding savings effect.
Key Amortization Concepts
Amortization Schedule
A detailed table showing every payment: date, amount, principal, interest, and remaining balance for the entire loan term.
Extra Payments
Additional amounts paid beyond your required monthly payment that directly reduce principal and can save thousands in interest.
Payoff Strategies
Methods to pay off your mortgage faster: bi-weekly payments, monthly extra payments, lump sum payments, or refinancing to shorter terms.
How to Use This Calculator
Enter Loan Amount
Input the principal amount you're borrowing (e.g., $240,000)
Enter Interest Rate
Input your annual interest rate (e.g., 6.5%)
Enter Loan Term
Specify loan duration in years (e.g., 30 years)
Set Start Date
Enter the month and year your loan begins
Add Extra Payments
Optional: Enter monthly or one-time extra payments
View Schedule
See complete payment breakdown and savings
Benefits of Using This Calculator
- • Complete Transparency: See exactly where every dollar of your payment goes throughout the loan term.
- • Payoff Planning: Understand your loan timeline and when you'll own your home free and clear.
- • Extra Payment Analysis: Calculate precise savings from making additional principal payments.
- • Interest Awareness: See the true cost of borrowing and how much you'll pay in interest.
- • Refinance Comparison: Compare your current loan schedule with potential new loan terms.
Strategies to Pay Off Your Mortgage Faster
1. Make Extra Monthly Payments
Add even $100-200 extra per month to save tens of thousands in interest and shorten your loan by years.
2. Make Bi-Weekly Payments
Pay half your monthly payment every two weeks. You'll make 13 full payments per year instead of 12.
3. Apply Windfalls
Use tax refunds, bonuses, or inheritance money as one-time extra payments to reduce principal.
4. Refinance to Shorter Term
Switch from 30-year to 15-year mortgage. Higher payments but massive interest savings and faster payoff.
Frequently Asked Questions (FAQ)
Q: What is an amortization schedule?
A: An amortization schedule shows each mortgage payment over the loan life, breaking down how much goes to principal versus interest, and displaying your decreasing balance over time.
Q: How do extra payments help?
A: Extra payments directly reduce principal, which means less interest over time. Even small extra payments can save thousands and shorten your loan by years.
Q: What's the difference between principal and interest?
A: Principal reduces your loan balance, while interest is the borrowing cost. Early payments are mostly interest; later payments are mostly principal.
Q: Should I make extra mortgage payments?
A: It depends on your situation. Prioritize high-interest debt and emergency funds first. If financially stable with a high mortgage rate, extra payments save significant interest.