Amortization Calculator
The total amount borrowed (principal)
Used to display actual dates in the schedule
Enter Your Loan Details
Fill in your loan amount, interest rate, and term to see your monthly payment, total interest, and full amortization schedule.
How to Use the Amortization Calculator
Enter Your Loan Details
Type your loan amount (the amount you are borrowing), the annual interest rate (APR from your lender), and the loan term in years. You can add extra months for fine-tuning. The calculator auto-updates results as you type.
Add Extra Payments (Optional)
Click 'Extra Payments' to expand the extra payment section. Enter an extra monthly amount, an annual lump sum, or a one-time payment at a specific payment number. Watch the interest savings and months saved update instantly in the results panel.
Explore the Charts and Comparisons
Use the Principal vs Interest donut chart to see what proportion of your total cost is interest. Switch to the Annual Breakdown tab for a year-by-year stacked bar view. Scroll down to the Bi-Weekly Comparison table to see how switching payment frequency could save you thousands.
View, Export, or Print the Schedule
Click 'Show Schedule' to expand the full amortization table. Toggle between monthly and annual views. Use 'Export CSV' to download the schedule as a spreadsheet, or 'Print' to get a printer-friendly version of your complete payment schedule.
Frequently Asked Questions
What is an amortization schedule and why do I need one?
An amortization schedule is a complete table showing every loan payment broken down into its interest and principal components, along with the remaining balance after each payment. You need it to understand exactly where your money is going each month, how much equity you are building, and how much interest you are paying over the life of the loan. It is essential for tax planning (mortgage interest deductions), for deciding whether refinancing makes sense, and for modeling the impact of making extra payments. Without the schedule, you only see the monthly payment amount — with it, you see the full financial picture of your loan.
How much can I save by making extra payments?
The savings depend on your loan amount, rate, remaining term, and the size of the extra payment. As a rule of thumb, on a $200,000 mortgage at 6.5% over 30 years, an extra $100/month saves roughly $26,000 in interest and cuts about 4 years off the loan. An extra $500/month saves over $85,000 and pays off the loan in about 19 years instead of 30. Extra payments are most effective early in the loan when the balance is highest, because every dollar of principal eliminated removes its compounding interest for all remaining years. Use this calculator to model your specific scenario and see the exact savings.
What is the difference between monthly and bi-weekly mortgage payments?
Monthly payments mean 12 payments per year. Bi-weekly payments mean a half-payment every two weeks, which equals 26 half-payments — the equivalent of 13 full monthly payments per year. That one extra full payment per year is applied entirely to principal, reducing the balance faster and saving significant interest. On a 30-year mortgage, switching to bi-weekly payments typically saves 4–6 years of payments and tens of thousands of dollars in interest. The key is that bi-weekly is not the same as twice-monthly: twice-monthly is 24 payments per year (same as monthly), while true bi-weekly is 26 payments per year.
What is PMI and when does it go away?
Private Mortgage Insurance (PMI) is insurance that protects the lender if you default on your loan. It is typically required when your down payment is less than 20% of the home's purchase price, meaning your loan-to-value (LTV) ratio exceeds 80%. PMI typically costs 0.3% to 1.5% of the original loan amount per year, added to your monthly payment. Under the Homeowners Protection Act, you have the right to request PMI cancellation once your LTV reaches 80%, and lenders must automatically terminate it when it reaches 78%. Making extra principal payments accelerates this process. This calculator shows exactly which payment number your LTV hits 80% so you know when to request cancellation.
What does PITI mean in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up a complete monthly mortgage payment. Principal is the portion reducing your loan balance. Interest is the lender's cost for extending credit. Taxes are your property taxes, which lenders often collect monthly into an escrow account and pay on your behalf annually. Insurance includes homeowner's insurance (and sometimes flood insurance) also held in escrow. For most mortgage qualification purposes, lenders look at your full PITI payment as a percentage of your gross income, not just the principal and interest. This calculator's Mortgage mode computes all four components plus optional HOA fees.
Why does the interest rate matter so much over a long loan term?
Interest rate has a compounding impact on total loan cost over long terms. On a $300,000 30-year mortgage, the difference between 6% and 7% is only about $186/month in payment, but the total interest paid jumps from $347,515 to $418,527 — a difference of over $71,000. Even a 0.5% rate difference adds up to roughly $33,000 over 30 years. This is why shopping for the best rate and considering points to buy down the rate can be financially significant decisions. It is also why refinancing when rates drop meaningfully can save substantial money, even after accounting for closing costs, especially if you have many years remaining on your loan.