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Amortization Calculator

What is amortization?

Amortization is the payoff of debt over time. Our amortization calculator displays a mortgage payment breakdown according to the loan amount, loan term, and interest rate. Note that the longer your term, the longer it takes to repay the principal.

It's typical for a borrower's first few years of payments to go primarily toward interest. This is especially true if you opt for the popular 30-year mortgage. But don't let your loan payoff schedule keep you from buying a home.

Choose the term that's right for you

The thought of paying off a mortgage for 30 years can be scary. Just remember that you have other options besides paying the same amount every month. For example, you may choose to explore a 15-year mortgage or consider an additional principal payment whenever feasible.

Many borrowers end up going with a 30-year mortgage and then refinancing to a shorter term once their income increases. In any case, our salary-based mortgage consultants are here to find the best loan for your needs.

Calculator Definitions

Original Loan Amount

The original amount borrowed from a lender to obtain a mortgage loan. This represents the total mortgage amount including fees, points, etc… as stated on the closing disclosure.

Loan Term

The amount of time (usually expressed in years) in which a borrower is required to make monthly payments toward a home loan.

Additional Principal Payment

Extra payments applied to the mortgage above the monthly requirement. These payments are typically used to settle existing late charges or fees before being applied to the principal.

Interest Rate

The annual cost to borrow money from a lender based on a percentage of the loan amount. Interest rates exclude mortgage "points" and fees charged to get the loan.

Payoff Schedule

The amount of time saved on the current loan schedule by making additional payments toward the principal mortgage balance.

Total Savings

The combined total amount saved on interest and principal over the life of the loan. This amount excludes additional savings on fees or property tax as a result of a shorter payoff date.

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Use this amortization calculator to estimate the principal and interest payments over the life of your mortgage. You can view a schedule of yearly or monthly payments and see how much of your payments go toward the principal and interest.
Your amortization summary.
Monthly Payment
$1,633 /mo
Total Interest Paid
$288,046
Total Over 360 Payments
$588,046
Payoff Date
July 2056

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Amortization Graph

Over 30 years you will spend $288,046 in interest with an estimated payoff date of  July 2056 .
AnnuallyMonthly
    Date
      Payment
        Interest
          Principal
            Ending Balance