🏠 MortgageFull Schedule

Mortgage Amortization Calculator

Generate a complete month-by-month amortization schedule. Calculate how much of each payment goes to principal vs interest, your remaining balance, and how much early extra payments save.

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Fill in loan amount, interest rate and term to generate the full schedule.

How Mortgage Amortization Works

In an amortizing loan, each fixed monthly payment covers two components: interest on the outstanding balance and principal reduction. In the early years of a mortgage, most of each payment goes toward interest. Over time, as the balance decreases, the principal portion grows.

M = P × [r(1+r)^n] / [(1+r)^n - 1]

M = monthly payment   P = principal   r = monthly rate (annual rate / 12)   n = total number of payments

Making extra principal payments is one of the most effective ways to save money on a mortgage. Because each dollar of extra principal reduces your outstanding balance immediately, all future interest is calculated on a lower amount: creating a compounding benefit over the remaining loan term.

Amortization Example: $300,000 at 7%, 30 Years

Monthly payment: $1,995.91. Total interest over 30 years: $418,527: more than the original loan. By paying an extra $200/month, you would pay off the loan in about 24 years and save approximately $73,000 in interest.

This illustrates why extra payments are so powerful: you are not just eliminating one month of interest, but all the compounding interest that would have accrued on that principal for years into the future.

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