Mortgage Amortization Schedule Calculator
Mortgage amortization schedule for a fixed-rate loan: interest, principal and balance each month, with an optional extra payment and yearly totals. How it works
Use the Mortgage Amortization Schedule Calculator
About the Mortgage Amortization Schedule Calculator
A $300,000 loan at 6.5% over 30 years has a payment of $1,896.20 and $382,636.71 of total interest. In the first month $1,625.00 of the payment is interest and $271.20 reduces the balance. The mortgage amortization schedule lists all 360 payments with their interest, principal and remaining balance.
Year by year: $300,000 at 6.5% for 30 years
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
| 1 | $3,353.12 | $19,401.28 | $296,646.88 |
| 2 | $3,577.68 | $19,176.72 | $293,069.20 |
| 5 | $4,345.71 | $18,408.69 | $280,833.26 |
| 10 | $6,009.32 | $16,745.08 | $254,329.14 |
| 15 | $8,309.84 | $14,444.56 | $217,678.77 |
| 20 | $11,490.95 | $11,263.45 | $166,997.98 |
| 25 | $15,889.89 | $6,864.51 | $96,915.68 |
| 30 | $21,977.51 | $781.60 | $0.00 |
Each row is one year of 12 payments, as the By Year view groups them: year 1 is payments 1 to 12. Every year adds up to 12 × $1,896.20 = $22,754.40, except the last, which clears the balance.
An extra monthly payment on the same loan
| Extra each month | Months to pay off | Months saved | Total interest | Interest saved |
|---|---|---|---|---|
| $0 | 360 | 0 | $382,636.71 | $0.00 |
| $100 | 312 | 48 | $321,640.90 | $60,995.81 |
| $158 | 290 | 70 | $295,385.97 | $87,250.74 |
| $200 | 277 | 83 | $279,186.52 | $103,450.19 |
| $500 | 210 | 150 | $202,875.03 | $179,761.68 |
$158 is about one twelfth of the $1,896.20 payment, so it adds up to roughly one extra payment a year. The last payment can differ from the others because it only clears what is left.
Frequently asked questions
- What is a mortgage amortization schedule?
- A table of every payment on a fixed-rate loan, with the interest, the principal and the balance after each one. Interest is charged on the balance each month, so the interest share shrinks and the principal share grows as the loan is paid down.
- How much of my first mortgage payment is interest?
- On $300,000 at 6.5% it is $1,625.00 of the $1,896.20 payment, about 86%. Over the whole first year the payments add up to $22,754.40, of which $19,401.28 is interest and $3,353.12 is principal.
- How much does an extra payment each month save?
- On the same loan, an extra $200 a month ends the loan after 277 months, 83 months early, and saves $103,450.19 of interest. An extra $500 a month ends it after 210 months and saves $179,761.68. Enter the extra in the Extra monthly payment field and the Extra Payment Savings card shows both figures.
- Does one extra payment a year shorten a 30-year mortgage?
- Yes. An extra $158 a month, about one twelfth of the payment, ends the $300,000 loan after 290 months instead of 360, which is 70 months early, and saves $87,250.74 of interest.
- What does the 78% of loan marker mean?
- It marks the first month in which the balance is at or below 78% of the loan amount: month 156 on this loan, with a balance of $233,776.81. The 78% matches a mortgage insurance rule: the CFPB explains that a servicer generally must end private mortgage insurance on the date the balance is scheduled to reach 78% of the home’s original value, and that you can ask to cancel it at 80%. The marker uses the loan amount, not the home’s value, so with a down payment the PMI date comes earlier than the marked month; ask your servicer for the date on your loan. The chart shows the month as a dashed line, and with a first payment month of March 2027 it falls in February 2040.
- Why do the totals differ by a few cents from another calculator?
- This tool rounds the monthly payment and each month’s interest to the cent, as a lender’s statement does, and the last payment clears whatever balance is left. A calculator that keeps fractions of a cent can land a few cents away.
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