Amortization Schedule Calculator
See your complete mortgage payment schedule and how your balance decreases over time.
Extra Payment (Optional)
Additional amount toward principal each month
Loan Summary
Balance Over Time
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
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Understanding Amortization
Amortization is the process of spreading loan payments over time. Each monthly payment consists of two parts:
- Principal: The portion that reduces your loan balance
- Interest: The cost of borrowing the money
In the early years, most of your payment goes toward interest. Over time, more goes toward principal as your balance decreases.
On a 30-year mortgage, you'll pay more in interest than principal for roughly the first 20 years of the loan.
Benefits of Extra Payments
Making extra payments toward your principal can significantly reduce your loan cost:
- Pay off your mortgage years early
- Save thousands in interest
- Build equity faster
- Reduce financial stress
Example Extra Payment Impact
Adding just $200/month to a $300,000 loan at 6.75% can save you over $89,000 in interest and pay off your mortgage 6 years early.