Amortization calculator

Monthly payment

$2,022.62

Total$2,022.62
Principal & interest
$2,022.62
Extra payment
$0.00
Total interest paid
$406,120
Payoff time
30 yr 1 mo
Interest saved by paying extra
$0

Amortisation front-loads interest: early payments are mostly interest, so extra principal in the first years saves the most.

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The short answer

An amortization calculator splits every payment on a fixed-rate loan into interest and principal. Enter the loan amount, the interest rate and the term to get the monthly payment, the total interest over the life of the loan and the payoff date, plus what an extra monthly payment would save.

Methodology

The research behind this calculator

Most people accept the first number they are given. Amortization calculator runs on live Federal Reserve series, state and county cost data, and published lender pricing rules — so the output reflects where you actually live, not a national average.

50states with local tax and cost inputs
4,250banks and credit unions tracked
8,692Federal Reserve rate observations
3,222US counties in our cost dataset

How amortization works

On an amortizing loan the payment stays flat, but the split inside it moves. Interest is charged on the outstanding balance, so in month one — when the balance is at its peak — most of the payment is interest.

Why extra payments work so hard early

Every dollar of extra principal removes all the future interest that dollar would have generated. Paid in year two of a 30-year loan, one extra $1,000 cancels nearly three decades of compounding interest on that amount.

What the schedule does not show

  • Escrowed property taxes and homeowners insurance, which sit on top of principal and interest.

  • Private mortgage insurance if your equity is under 20%.

  • Prepayment penalties — rare on US mortgages, common on some auto and personal loans.

  • Rate changes on adjustable-rate loans, which reset the schedule at each adjustment.

The formula

M = P × [r(1 + r)^n] ÷ [(1 + r)^n − 1] — P = loan amount, r = monthly rate (APR ÷ 12), n = number of monthly payments. Interest for each month = outstanding balance × r.

FAQ

How to use the online mortgage calculator

Enter the home price, down payment, interest rate, and repayment term to estimate principal and interest. Mortgage amortization directs more of an early payment toward interest and more of a later payment toward principal. A complete housing estimate may also need property taxes, homeowners insurance, association dues, mortgage insurance, and escrow deposits, none of which are necessarily included in a basic calculator result.

A first time home buyer should compare the estimate with a lender’s official loan disclosure. A conventional loan may have different down-payment, credit, and mortgage-insurance requirements from government-backed financing. A debt to income ratio calculator can provide additional context by comparing required monthly debts with gross income. Preapproval is still conditional, and the final payment can change with the selected property, rate, taxes, insurance, and closing terms.

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