Finance
Amortization Calculator
See your full mortgage or loan amortization schedule. Calculate monthly payments, total interest, and how much faster you can pay off your loan with extra payments.
Amortization details
Monthly payment
$1,580.17
Total paid
$568,861
Total interest
$318,861
Payoff time
30 years
First 12 months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
Frequently Asked Questions about the Amortization Calculator
What is the amortization formula?
The monthly payment is P x (r x (1+r)^n) / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate / 12), and n is the total number of months. Each payment covers that month's interest on the remaining balance first; whatever is left reduces principal. Early payments are mostly interest, and that share shrinks every month as the balance falls.
Can you give a real example?
A $200,000 loan at 6.5% for 30 years produces a base payment of about $1,264/month. In month 1, roughly $1,083 goes to interest and only $181 to principal. By month 300 that split has flipped, with most of the payment retiring principal. Total interest paid over the full term is around $255,000.
What inputs matter most?
Principal, annual rate, and term determine the base payment. Extra monthly payments can matter more than any of the three: adding $200/month to that $200,000 example cuts the term by about 9 years and saves roughly $90,000 in total interest, which the calculator shows as its "interest savings with extra payment" figure.
What is a common pitfall with amortization schedules?
Assuming early payments build equity quickly. On a standard 30-year mortgage, the remaining balance does not drop below 50% of the original loan until around year 21. If you need to sell or refinance in the first several years, you will have paid far more in interest than in equity.
Does this schedule include taxes, insurance, or escrow?
No. The schedule shows principal and interest only. US lenders typically add property tax, homeowners insurance, and PMI (if your down payment is below 20%) to your monthly escrow, which can raise the real cash outflow by hundreds of dollars. Use a dedicated mortgage calculator for a full PITI estimate.