Mortgage Amortization Calculator
Understand exactly how each mortgage payment splits between principal and interest over the life of your loan.
Mortgage Amortization Calculator
See how your payments break down between principal and interest over the life of your loan
Monthly Payment
$2,022.62
Total Interest
$408,142
Total Amount Paid
$728,142
First-Year Breakdown
In the first year, 85.3% of your payment goes to interest and only 14.7% goes toward principal.
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $289.28 | $1,733.33 | $319,711 |
| 2 | $290.85 | $1,731.77 | $319,420 |
| 3 | $292.43 | $1,730.19 | $319,127 |
| 4 | $294.01 | $1,728.61 | $318,833 |
| 5 | $295.60 | $1,727.01 | $318,538 |
| 6 | $297.20 | $1,725.41 | $318,241 |
| 7 | $298.81 | $1,723.80 | $317,942 |
| 8 | $300.43 | $1,722.18 | $317,641 |
| 9 | $302.06 | $1,720.56 | $317,339 |
| 10 | $303.70 | $1,718.92 | $317,036 |
| 11 | $305.34 | $1,717.28 | $316,730 |
| 12 | $307.00 | $1,715.62 | $316,423 |
Understanding Amortization
What Is Amortization?
Amortization is the process of paying off your loan through regular monthly payments. Each payment includes both principal (reducing what you owe) and interest (the cost of borrowing). The schedule shows how these components change over time.
Front-Loaded Interest
In the early years of your mortgage, the majority of each payment goes toward interest rather than principal. As your balance decreases, a larger share of each payment goes toward paying down the principal. This is why the first year breakdown is especially informative.
Shorter Terms Save Money
A 15-year mortgage has higher monthly payments than a 30-year mortgage but saves a significant amount on total interest. Try switching between loan terms in the calculator to see the difference. The savings can often be tens of thousands of dollars.
Rate Impact
Even a small difference in interest rate can have a major impact on total interest paid over the life of a loan. Try adjusting the rate by 0.5% in either direction to see how it affects your total cost. This is why securing the best possible rate matters.
Important Note
This calculator shows principal and interest only. Your actual monthly mortgage payment may also include property taxes, homeowners insurance, and possibly PMI or HOA fees. For a complete payment estimate, use the main mortgage calculator.
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