Mortgage Amortization Calculator
- Updated
- Formula shown
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Results
$1,896.20 a month for 30 years on a $300,000 loan at 6.5%, with $382,633 of interest in total.
- Year 5
- $280,833
- Year 10
- $254,328
- Year 15
- $217,677
- Year 20
- $166,996
- Year 25
- $96,912
- Year 30
- $0.00
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Oct 2026 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | Nov 2026 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | Dec 2026 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | Jan 2027 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | Feb 2027 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | Mar 2027 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | Apr 2027 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | May 2027 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | Jun 2027 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | Jul 2027 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | Aug 2027 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | Sep 2027 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
How to use the amortization calculator
- Enter the loan amount (the price minus your down payment), the interest rate and the term in years.
- Set the first payment date so the schedule shows real months, usually the first of the month after a full month of ownership.
- Optionally add an extra amount every month, once a year (it goes with every 12th payment) or as a single payment.
- Scroll the schedule, or use Show all to see every payment. Download it as a CSV from the toolbar to use in a spreadsheet.
Amortization formula
Interestk = Balancek−1 × r
Principalk = M − Interestk
Balancek = Balancek−1 − Principalk − Extrak
P is the amount borrowed, r is the annual rate ÷ 12 and n is the number of monthly payments. The payment stays level, but its make-up changes every month. Interest is always charged on the balance still owed, so early payments are mostly interest. As the balance falls, more of each payment goes to principal. Extra payments go straight to the balance. The final payment is only what is left, so the schedule ends exactly at zero.
Worked example
A $300,000 loan at 6.5% for 30 years has a payment of $1,896.20. In month 1 the interest is $300,000 × 0.065 ÷ 12 = $1,625.00, so only $271.20 goes to principal, leaving $299,728.80. Month 2 charges interest on that lower balance ($1,623.53), so $272.67 goes to principal.
Principal overtakes interest at payment 233, after 19 years 4 months. Total interest over the full term is $382,633, more than the amount borrowed. Adding $2,000 once a year cuts that by $87,372 and ends the loan 5 years 11 months early. On a 15-year term the payment is $2,613.32 and total interest is $170,398.
How a $300,000, 6.5%, 30-year loan amortizes
| After year | Interest paid | Principal paid | Balance | Loan repaid |
|---|---|---|---|---|
| 1 | $19,401 | $3,353 | $296,647 | 1.1% |
| 5 | $94,605 | $19,167 | $280,833 | 6.4% |
| 10 | $181,873 | $45,672 | $254,328 | 15.2% |
| 15 | $258,994 | $82,323 | $217,677 | 27.4% |
| 20 | $322,085 | $133,004 | $166,996 | 44.3% |
| 25 | $365,774 | $203,088 | $96,912 | 67.7% |
| 30 | $382,633 | $300,000 | $0.00 | 100% |
Halfway through the term, less than a third of the loan has been repaid. That is why selling or refinancing in the early years leaves you owing most of what you borrowed.
Reading your schedule
- Your statement may differ by cents. Servicers round each month's interest to the cent and sometimes count interest by days. The schedule here uses exact monthly interest.
- Escrow is not included. Property tax and insurance collected with your payment don't reduce the balance, so they are left out. Use the mortgage calculator for the full monthly cost.
- Interest is paid in arrears. Each payment covers interest for the month before it, which is why the first payment usually falls a month or more after closing.
- Adjustable-rate loans re-amortize. When the rate resets, the payment is recalculated on the remaining balance and term, so a fixed schedule only holds until the first adjustment.
To compare a payoff date with and without extra payments, try the mortgage payoff calculator. To see whether a new rate would beat your current schedule, use the refinance calculator.
Frequently asked questions
What is a mortgage amortization schedule?
It is a table of every payment on a loan, showing how much goes to interest, how much goes to principal and the balance left afterwards. On a fixed-rate mortgage the payment is level, but the interest part shrinks and the principal part grows each month.
Why do I pay so much interest at the start of a mortgage?
Interest is charged on the balance you still owe, and the balance is highest at the start. On a $300,000 loan at 6.5%, the first payment of $1,896.20 is $1,625.00 interest and only $271.20 principal.
When does more of my payment go to principal than interest?
On a 30-year loan at 6.5%, principal overtakes interest at payment 233, after 19 years 4 months. At lower rates or on shorter terms it happens much sooner: on a 15-year loan at 6.5% it is payment 53.
How much interest will I pay on a $300,000 mortgage?
At 6.5% for 30 years, total interest is about $382,600 on top of the $300,000 borrowed. Over 15 years at the same rate it is about $170,400, with a higher payment of $2,613.32.
How do extra payments change the amortization schedule?
An extra payment comes straight off the balance, so every later month charges interest on less. Adding $2,000 once a year to a $300,000, 6.5%, 30-year loan saves about $87,400 in interest and ends it 5 years 11 months early.