📊Mortgage Amortization Calculator
See your complete payment schedule with detailed breakdown of principal, interest, and remaining balance for every payment.
Related Calculators
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a complete table showing every payment over the life of your loan. For each payment, it breaks down how much goes to principal vs. interest, your remaining balance, and cumulative amounts paid. Early in the loan, most of your payment goes to interest; later, more goes to principal. This schedule helps you see exactly when you'll build equity and how much interest you'll pay over time.
Why does so much go to interest at first?
In the early years, your loan balance is highest, so you pay more interest (interest = balance × rate). As you pay down the balance, interest charges decrease, and more of each payment goes to principal. For example, on a $300K loan at 6.5%, your first payment might be $600 principal and $1,625 interest, but by year 15, it's reversed. This is called front-loaded interest and is normal for fixed-rate mortgages.
When will I start building equity?
You build equity with every payment (equity = home value - loan balance), but it accelerates over time. In the first year, you might build only $7,000-10,000 in equity on a $300K loan, but by year 15, you're building $15,000-20,000 per year as more of each payment goes to principal. Home appreciation also builds equity. Making extra principal payments accelerates equity building significantly.
How can I pay off my mortgage faster?
The most effective strategies are: (1) Make extra principal payments - even $100-200/month can cut years off your loan; (2) Make biweekly payments instead of monthly (26 half-payments = 13 full payments per year); (3) Make one extra payment per year; (4) Apply windfalls (bonuses, tax refunds) to principal; (5) Refinance to a shorter term when rates drop. Always specify extra payments are for principal only.
Should I pay extra on my mortgage or invest?
This depends on your interest rate and risk tolerance. Paying extra guarantees a return equal to your mortgage rate (e.g., 6.5%). Investing in stocks historically returns ~10% but with risk and volatility. General advice: (1) Pay off high-interest debt first (credit cards); (2) Get employer 401(k) match; (3) Build emergency fund; (4) Then choose between extra mortgage payments (guaranteed, safe) or investing (higher potential return, more risk). Many people do both.
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.