Amortization Calculator

Amortization is the process of paying off a debt or loan over time in predetermined installments. For help determining what interest rate you might pay, check out today’s mortgage rates.

Loan amount

Loan term

Interest rate

Loan start date

By adding extra payment, you can pay off your loan faster and save on interest.

SUMMARY

Number of payments: 360

Monthly payment

$1,826

Total interest paid

$327,490

Total cost of loan

$657,490

Payoff date

May 2052

How payments change over the life of a 30-year loan

As the term of your mortgage progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.

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How to use this mortgage amortization calculator

Enter your loan amount. In the Loan amount field, input the amount of money you’re borrowing for your mortgage.
Enter your loan term. In the Loan term field, input the length of your loan. This might be 30 years, 15 years or another time frame.
Enter your interest rate. In the Interest rate field, input the interest rate you’re paying on your mortgage.
Enter your loan start date. In the Loan start date field, input the month when you made your first payment.
View the chart and schedule. The Chart will automatically display how your payments add up. For a closer look at the exact figures of principal and interest paid, click the Schedule tab for annual and monthly breakdowns.

How a mortgage amortization calculator can help you

A mortgage amortization calculator is a valuable tool in understanding how your interest adds up on a mortgage over time. You can use this calculator to:

Determine how much principal you owe now or will owe at a future date.
Determine how much extra you'd need to pay to repay the full mortgage in a shorter time frame.
Compare how one-time and yearly payments impact your payoff timeline.
Determine how much equity you have in your home.
See how much interest you’ve paid over the life of the mortgage, or during a particular year or window of time.

Does this calculator work for adjustable-rate mortgages?

This calculator is compatible with fixed-rate mortgages. To learn the amortization schedule and payments for an adjustable-rate mortgage, or ARM, use our ARM calculator.

What is mortgage amortization?

Mortgage amortization describes the process of paying off your loan in installments over time. If you’re taking out a fixed-rate mortgage, you’ll know exactly how much you’re going to pay in one lump sum for principal and interest each month for the entire loan term. However, the portion of your payment that goes toward principal versus interest changes over time.

What is an amortization schedule?

An amortization schedule is a table that lists each monthly payment from the time you start repaying the loan until the loan matures, or is paid off. The amortization schedule details how much will go toward each component of your mortgage payment — principal or interest — at various times throughout the loan term.

Can you change your amortization schedule?

If you choose to. If you refinance your mortgage to a new loan, for example, you'll get a new amortization schedule. Likewise if you decide to recast your mortgage, or pay a lump sum to your current loan. You can also change your amortization schedule by making additional payments or prepaying, either with biweekly payments, one additional payment per year or whenever you have extra funds.

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