Payoff & Amortization
Mortgage Amortization Calculator
Loan summary
Yearly amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Ready to turn these numbers into a real loan?
Get my personalized quoteAbout the mortgage amortization calculator
A mortgage amortization calculator generates a payment-by-payment schedule for your loan, showing exactly how each installment divides between interest and principal and how your balance falls over time. Amortization is the structured process by which a fixed loan reaches a zero balance by its final payment, and the schedule makes that math transparent.
This tool is ideal for borrowers who want to understand the mechanics behind their loan — why early payments barely dent the balance, and when the 'tipping point' arrives where principal finally overtakes interest. Homeowners also use the schedule to track equity buildup and to plan when they'll cross the 20% threshold to drop PMI.
Try adding an extra monthly principal amount and watch the schedule compress, the payoff date move up, and total interest drop. A practical tip: print or save the schedule and check your loan statements against it each year to confirm your balance is tracking as expected and no errors have crept in.
Frequently asked questions
- What is mortgage amortization?
- Amortization is the process of paying off a loan through regular fixed payments that cover both interest and principal. Early payments are interest-heavy; over time, more goes to principal until the balance reaches zero at the end of the term.
- What does an amortization schedule show?
- It lists every scheduled payment with the interest portion, principal portion and remaining balance. This lets you see how equity builds, how much interest you pay each year, and exactly when the loan will be paid off.
- When does principal exceed interest in my payment?
- On a typical 30-year loan, the crossover where principal exceeds interest often occurs somewhere in the second decade, depending on your rate. A higher rate pushes that point later; an amortization calculator shows the exact payment number.
- How do extra payments affect amortization?
- Extra principal payments reduce the balance ahead of schedule, so less interest accrues going forward. This shortens the amortization period and can move your payoff date up by years while saving significant interest.
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