Amortization Schedule Calculator

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

By Konstantin Iakovlev · Updated April 2026 · Source: CFPB — Owning a Home

$
%
years
$/mo

Monthly Payment

$1,769.79

Total Interest

$357,124.57

Payoff Date

Jul 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

An amortization schedule lays out your mortgage one payment at a time, splitting each installment into its principal and interest parts and showing how the balance erodes across the life of the loan. That payment-by-payment view is genuinely useful for planning, all the more so heading into 2026, when a 30-year fixed-rate mortgage could plausibly run anywhere from 6.0% to 7.5% depending on market conditions and Federal Reserve decisions.

Each line is generated from the standard amortization formula. The monthly payment M is given by M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1], where P is the principal loan amount, i is the monthly interest rate (the annual rate divided by 12), and n is the total number of payments. From there, the interest due in a given month equals the current balance times the monthly interest rate; subtracting that from the payment leaves the principal portion, which lowers the balance carried into the next period.

Early extra payments are where the real leverage hides, and their effect is easy to underestimate. Even modest additional principal early in the term can cut total interest meaningfully and pull the payoff date forward. One caution: a handful of lenders impose prepayment penalties, though these are uncommon on conventional mortgages, so it is worth reviewing your loan agreement for any such clause before committing to larger 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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