Amortization Calculator
See how each payment splits into interest and principal, and how the balance falls year by year.
How to use ↓Result
Homeowner Calculator · Amortization Calculator · homeowncalculator.com
Estimate only, based on your inputs. It may be inaccurate and is not financial advice. Confirm every figure with your lender before you decide.
Payments are rounded up to the next cent, so they can differ from lender documents by a cent.
How to use
- Enter the loan amount and the interest rate.
- Pick the loan term. Add the first payment month if you want dates.
- Press Calculate for the yearly table, and open every payment if you need it.
- Print the yearly summary on one page, or print every payment.
How an amortization schedule works
In an amortizing loan every payment is the same, but the split changes. Early payments are mostly interest because the balance is high. Each payment reduces the balance a little, so the next month's interest is a little lower and more of the payment goes to principal.
The result shows a yearly summary that fits on one printed page, and every payment on screen. Add a first payment month to see dates. Use Print every payment for the full list over several pages.
Worked example
A $300,000 loan at 6.5% for 30 years has a payment of $1,896.21. In the first month, $1,625.00 is interest and $271.21 reduces the balance. After 5 years the balance is $280,832.50. Over 30 years the interest adds up to $382,628.90.
As a published check, the CFPB sample Loan Estimate ($162,000 at 3.875%, 30 years) states about $15,773 of principal paid in the first 5 years. The same schedule worked out with the payment rounded to the nearest cent gives $15,772.58, which rounds to the same $15,773. Rounding note: worked examples that reproduce a published figure use the nearest cent so they match the source; the calculator itself rounds payments up.
The last payment can be a few cents different from the others, because it clears whatever balance is left.
FAQ
What is amortization?
Paying off a loan in regular payments, each covering the interest for the month and reducing the balance with the rest.
Why is most of my early payment interest?
Interest is charged on the balance, and the balance is highest at the start of the loan.
Does the schedule include taxes and insurance?
No. It covers principal and interest only. Use the mortgage payment calculator for the total with tax, insurance, PMI and HOA.
Why might my lender's schedule differ slightly?
This calculator rounds the payment up and charges a full month of interest each month. Servicers can round differently or count days, so figures can differ by cents.