Amortization Schedule Calculator

This amortization schedule calculator shows where every mortgage payment goes. Enter your loan amount, rate and term, and you get the monthly principal and interest payment, the total interest you will pay, your payoff month, and a year-by-year table of principal paid, interest paid and the balance left.

How to use this calculator

You need only the loan details, not the home price.

• Loan amount. Enter what you borrow. If you already have a loan, you can enter today’s balance and the years left to see the rest of your schedule.
• Interest rate. Enter your fixed rate. If you are still shopping, use an example rate.
• Loan term. Choose 10 to 30 years.
• First payment month. This labels each row with a calendar year and sets the payoff date.

How it is calculated

The monthly payment uses the standard fixed-rate formula:

M = P × r(1+r)^n / ((1+r)^n − 1)

Here P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments (years × 12).

Then the tool walks through each month:

1. Interest this month = balance × r
2. Principal this month = M − interest
3. New balance = balance − principal

It adds each 12-month block into one table row and sums interest across the loan. Total paid = loan amount + total interest. The schedule assumes a fixed rate, on-time payments and no extra payments, and it leaves out taxes, insurance and mortgage insurance.

Worked example

Selected years from that schedule:

In this example, the monthly principal portion does not pass the interest portion until payment 233, almost 20 years in. After 10 years, the borrower still owes about 85% of the original loan.

What your result means

Your schedule shows how slowly equity builds from payments alone in the early years, and how fast it builds near the end. That matters for selling, refinancing and removing mortgage insurance.

Things that change your schedule:

• Loan term. Freddie Mac notes a 15-year term has higher payments but builds equity faster and costs less interest than a 30-year term.
• Extra payments. The CFPB says extra principal payments can help you repay sooner with less interest. Make sure your servicer applies them to principal.
• Prepayment penalties. A few loans charge a fee for paying off early. The CFPB says small extra principal payments usually don’t trigger it, but check your loan.
• PMI dates. Under federal rules, PMI ends automatically when your scheduled balance reaches 78% of the home’s original value, and you can ask to cancel at 80%, according to the CFPB. Your schedule shows roughly when that happens.
• Taxes and insurance. Freddie Mac points out that even with a fixed rate, your total payment can change each year as taxes and insurance change.

Common mistakes

• Entering the home price instead of the loan amount.
• Expecting the schedule to match your full monthly bill, which includes escrow for taxes and insurance.
• Assuming equity builds evenly. It builds slowly at first.
• Using this schedule for an adjustable-rate loan past its fixed period.
• Sending extra money without telling your servicer to apply it to principal.

Related guides and tools

Read when to refinance your mortgage before resetting your term, when you can remove PMI to use your schedule for PMI dates, and how much house you can afford to set a payment that fits.

Then see how extra money changes your schedule with the extra mortgage payment calculator, estimate your full monthly bill with the mortgage payment calculator, or compare terms with the 15 vs 30 year mortgage calculator.