Mortgage Amortization Calculator – View Your Payment Schedule
Produce a year-by-year mortgage amortization table plus aggregate totals.
About the Mortgage Amortization Calculator
What is the Mortgage Amortization Calculator?
A mortgage amortization calculator lays out the complete mortgage schedule, showing how principal and interest shift over the years.
Why use this calculator?
The schedule is useful for tracking how much of the loan you still owe, planning extra payments, and understanding why early payments barely dent the balance.
How to use it
- Enter the loan amount, rate and term.
- The monthly payment and totals appear immediately.
- Scroll the annual table to see the year-by-year split.
Formula
interest = balance × rate ÷ 12; principal = payment − interest
Assumes a fixed rate with equal monthly payments.
Frequently Asked Questions
How much of my payment goes to principal early on?
Very little. In the first years most of each payment is interest. The principal share grows steadily over time.
Can I shorten the schedule?
Yes, by making extra principal payments. Each extra dollar reduces the balance and the interest that accrues on it.
What is included in a monthly mortgage payment?
Most payments combine principal, interest, property taxes and homeowners insurance (often called PITI). Some loans also include private mortgage insurance (PMI).
What is PMI and when can I drop it?
Private mortgage insurance is usually required when your down payment is under 20%. You can typically request removal once you reach 20% equity.
Fixed versus adjustable rate — which is better?
A fixed rate keeps the same interest rate for the whole term, giving predictable payments. An adjustable rate starts lower but can rise after the initial period.
How much house can I afford?
A common guideline is that housing costs stay below 28% of gross monthly income and total debt below 36%, though lenders and budgets vary.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on self-reported data. Pre-approval is a verified commitment after a lender reviews your finances.
What is the difference between principal and interest?
The principal is the amount you borrow. Interest is the fee charged for borrowing it, shown either as an annual rate (APR) or a periodic rate. Early payments go mostly toward interest; later payments go mostly toward principal.
How does the loan term affect my payment?
A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan. A shorter term raises the monthly payment but costs less overall.
What is an amortization schedule?
It is a table that breaks every payment into its principal and interest portions and shows the remaining balance after each payment.