Amortization calculator
See how every payment splits between principal and interest, and how extra payments change the payoff date.
Extra payments toward principal optional
Extra payments are applied to principal in the month they are made. Confirm with your servicer how to mark a payment as principal-only and whether a prepayment penalty applies. Taxes and insurance are not part of this schedule.
Monthly principal and interest
- Payoff date
- Dec 2055
- Time to pay off
- 30 yr
- Total interest
- $408,142
- Total of all payments
- $728,142
- Loan balance
Amortization schedule
| Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| $24,271 | $3,577 | $20,695 | $316,423 | |
| $24,271 | $3,816 | $20,455 | $312,607 | |
| $24,271 | $4,072 | $20,200 | $308,535 | |
| $24,271 | $4,345 | $19,927 | $304,191 | |
| $24,271 | $4,636 | $19,636 | $299,555 | |
| $24,271 | $4,946 | $19,325 | $294,609 | |
| $24,271 | $5,277 | $18,994 | $289,332 | |
| $24,271 | $5,631 | $18,641 | $283,701 | |
| $24,271 | $6,008 | $18,264 | $277,694 | |
| $24,271 | $6,410 | $17,861 | $271,284 | |
| $24,271 | $6,839 | $17,432 | $264,444 | |
| $24,271 | $7,297 | $16,974 | $257,147 | |
| $24,271 | $7,786 | $16,485 | $249,361 | |
| $24,271 | $8,308 | $15,964 | $241,053 | |
| $24,271 | $8,864 | $15,407 | $232,189 | |
| $24,271 | $9,458 | $14,814 | $222,732 | |
| $24,271 | $10,091 | $14,180 | $212,641 | |
| $24,271 | $10,767 | $13,505 | $201,874 | |
| $24,271 | $11,488 | $12,784 | $190,386 | |
| $24,271 | $12,257 | $12,014 | $178,129 | |
| $24,271 | $13,078 | $11,193 | $165,051 | |
| $24,271 | $13,954 | $10,317 | $151,097 | |
| $24,271 | $14,888 | $9,383 | $136,208 | |
| $24,271 | $15,886 | $8,386 | $120,323 | |
| $24,271 | $16,949 | $7,322 | $103,373 | |
| $24,271 | $18,085 | $6,187 | $85,289 | |
| $24,271 | $19,296 | $4,976 | $65,993 | |
| $24,271 | $20,588 | $3,683 | $45,405 | |
| $24,271 | $21,967 | $2,305 | $23,438 | |
| $24,271 | $23,438 | $833 | $0 | |
| Total | $728,142 | $320,000 | $408,142 |
Select a year to see its monthly payments. Principal includes any extra payments.
Educational estimate only. Not a rate quote, loan offer, or approval. Rates shown are assumptions you can edit. Your numbers stay in your browser.
How this calculator works
Each month, interest is charged on the balance still owed: balance × annual rate ÷ 12. Whatever remains of the payment reduces the principal. Because the balance is highest at the start, early payments are mostly interest and later payments are mostly principal.
The fixed monthly payment is P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate, and n is the number of payments.
Extra payments are applied entirely to principal in the month they are made. That lowers the balance sooner, so every later payment carries less interest and the loan ends early. The monthly payment itself does not change.
Common questions
What is an amortization schedule?
It is a table of every payment on a loan, showing how much goes to interest, how much goes to principal, and the balance left afterward.
How much do extra payments save?
It depends on the rate, the balance, and how early you start. Enter an extra monthly, yearly, or one-time amount above and the calculator shows the interest saved and how much sooner the loan is paid off.
Is one extra payment a year worth it?
On a 30-year loan, one extra principal-and-interest payment each year typically shortens the loan by several years. Enter your payment amount in the yearly extra field to see the result for your loan.
Will my lender apply extra payments to principal?
Usually, but tell your servicer the extra amount is for principal, and confirm whether your loan has a prepayment penalty.
Does the schedule include taxes and insurance?
No. An amortization schedule covers principal and interest only. Use the mortgage payment calculator for taxes, insurance, and HOA dues.
A loan officer can walk through them with you. It costs nothing to ask.