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.
years you will spend
in interest with an estimated payoff date of
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.
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.
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.
The amount of time saved on the current loan schedule by making additional payments toward the principal
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.
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 dedicated mortgage consultants are here to find the best loan for your needs.