See exactly how each payment splits between principal and interest over the life of your loan.
Fill in the loan amount, interest rate, and term on the left to generate your full amortization schedule.
Amortization is the process of paying off a loan through regular installments over time. With a fixed-rate mortgage, your monthly payment stays the same for the entire term, but the split between principal and interest shifts dramatically. In the early years, the majority of each payment goes toward interest because the outstanding balance is still large. As you pay down the principal, less interest accrues each month, and a larger share of your payment chips away at the balance.
This front-loading of interest is why extra payments early in the loan have an outsized impact. Even a modest additional amount each month -- $100 or $200 -- can shave years off a 30-year mortgage and save tens of thousands of dollars in interest. The extra payment field in this calculator lets you model that scenario instantly. Compare the total interest and payoff date with and without extra payments to see the difference.
Use the year-by-year accordion table to see exactly how much principal and interest you pay each calendar year and watch the remaining balance decline. This visibility is especially useful when deciding whether to refinance, make lump-sum prepayments, or choose between a 15-year and 30-year term.