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Amortization Calculator
Use this free Amortization Calculator to view your detailed loan payment schedule. Simple, accurate, and easy to use for mortgage tracking.
An amortization schedule is the roadmap of your loan. The Amortization Calculator breaks down every single payment you will make over the next 15 or 30 years, showing exactly how much goes to the bank (interest) and how much goes to you (principal/equity).
Early in a loan, nearly all your payment goes to interest. This tool helps you visualize that painful reality and see how extra payments can fast-track you to the "principal-heavy" side of the curve.
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INPUT VALUES
Amortization Calculator
The Amortization Calculator provides a deep dive into the lifecycle of your loan. While a standard mortgage calculator shows your monthly payment, this tool breaks down every single payment over the next 15 or 30 years to show you exactly how much is going toward Principal vs. Interest.
It visually demonstrates how, in the early years, you are mostly paying interest to the bank, and how that shifts over time to paying down your debt.
Why You Need This Tool
- Track Equity GrowthSee exactly when you will hit 20% equity to remove PMI.
- Interest TransparencyRealize the true cost of the loan by seeing the total interest paid over time.
- Refinance DecisionsIdentify if you are far enough into a loan that refinancing resets your interest clock unprofitably.
The Mathematics Behind It
How to Use This Calculator
The starting balance of your mortgage.
Your annual percentage rate.
Number of years for the loan.
Month and year of your first payment.
Understanding Your Results
Amortization Schedule
A table showing the breakdown of every payment.
Principal Balance
How much you still owe after each payment.
Interest Ratio
The percentage of your payment going to the bank versus your equity.
Common Mistakes to Avoid
- Assuming Linear Payoff: You don't pay off half the loan in half the time. It accelerates at the end.
- Ignoring Extra Payments: Even small extra payments to principal can change the schedule dramatically.
Frequently Asked Questions
What is amortization?
The process of spreading out a loan into a series of fixed payments over time.
Why is interest so high at the start?
Interest is calculated on the remaining balance, which is highest at the beginning.