Amortization Schedule Calculator

Generate a full amortization table showing principal, interest, and balance for every payment. See impact of extra payments.
$
%
years
$/mo

Monthly Payment

$1,769.79

Total Interest

$357,124.57

Payoff Date

May 2056

Loan Summary

Monthly P&I$1,769.79
Total Interest$357,124.57
Total Amount Paid$637,124.57

Use the Amortization Schedule Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Our Amortization Schedule Calculator helps you visualize your mortgage repayment journey payment by payment. It breaks down each payment into principal and interest components, revealing how your loan balance decreases over time. Understanding your amortization schedule is crucial for financial planning, especially with projected interest rate fluctuations into 2026 where a 30-year fixed-rate mortgage could range from 6.0% to 7.5% depending on market conditions and Federal Reserve actions.

This calculator uses the standard amortization formula to determine each payment's principal and interest allocation. The formula for the monthly payment (M) is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the total number of payments. We then subtract the calculated interest (current balance * monthly interest rate) from the monthly payment to determine the principal portion, which in turn reduces the outstanding loan balance for the next period.

One common mistake is underestimating the impact of extra payments early in the loan term. Even small additional principal payments can significantly reduce the total interest paid and shorten the loan's duration. Be aware that some lenders might charge prepayment penalties, although these are less common for conventional mortgages. Always check your loan agreement for any such clauses before making substantial extra payments.

Example: 2026 Mortgage Amortization with Extra Payments

  1. 1 Input a $350,000 mortgage, with an annual interest rate of 6.8% (reflecting potential 2026 rates) over a 30-year term. Calculate the base amortization schedule.
  2. 2 After 12 payments, the borrower decides to make an additional principal payment of $200 each month starting from payment 13. The calculator re-amortizes the loan, showing the new, accelerated repayment schedule.
  3. 3 The original loan would have been paid off in 360 payments, with total interest paid around $455,000. With the extra $200 per month, the loan is paid off in approximately 325 payments, saving over $35,000 in interest and shortening the term by almost 3 years.
  4. 4 This example highlights the power of consistent extra payments. By starting early in the loan term, even a modest additional amount can lead to substantial long-term savings and faster homeownership, demonstrating the value of a detailed amortization schedule.

Source: CFPB — Owning a Home · Last updated: April 2026

Frequently Asked Questions

What is an amortization schedule?
An amortization schedule is a table showing every mortgage payment broken down into principal and interest. Early payments are mostly interest, and the proportion shifts toward principal over time as the balance decreases.
How much interest do I pay over the life of a 30-year mortgage?
On a $300,000 mortgage at 6.5%, you pay about $382,600 in total interest over 30 years, more than the original loan amount. Shorter terms (15-20 years) dramatically reduce total interest.
How do extra mortgage payments affect amortization?
Extra payments go directly to principal, reducing the balance faster and saving significant interest. An extra $200/month on a $300,000 mortgage at 6.5% can save over $100,000 in interest and shorten the loan by 7+ years.

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